HSBC freeze on global hiring and pay
Hi all,
I'm currently signed to work for HSBC this summer in London in their GBM department as a coverage advisory SA. However, it was reported today that HSBC will go through a freeze on salaries and global hiring in 2016.
http://www.bloomberg.com/news/articles/2016-01-31…
Am I to assume that this means that chances of securing a FT position at the firm via a return offer is now significantly diminished because of this strategy? If not, what does this mean?
Thank you all
I would imagine this means that your chances are close to 0 of receiving a full time offer, even if you crush your SA role. I haven't seen too many SA offers rescinded, but I wouldn't get your hopes up past that.
It means they are not expanding. You will still receive a FT offer if you perform well. Maybe it comes at a lower rate. It would be crazy not to hire 1st year analysts as IBD is doing well recently.
Does this normally happen in the industry? With this sort of development happening would it be best if I started networking with other banks before my summer stint in hopes of "hedging" the fact that I won't get a return offer due to down turn?
You should keep in touch with your connections made through networking. Let them know what you are doing over the summer. Reach out in late July and see if you can do accelerated interviews
This is another one size fits all strategy by the bank. They will still have graduate openings albeit at a much smaller pool (if any). I would stick with the internship unless u have a better offer out there with a good chance to secure a FT role.
bump
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