HSBC cuts pay of London investment banking staff

HSBC has reportedly cut the wages of London contractors at the investment banking business by 10% as part of its efforts to slash costs.

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Pay cuts will affect all contract workers in the global and markets division, The Times reported on Thursday. Permanent staff have avoided a pay reduction.

"As a routine practice in Global Banking & Markets we regularly review rates for contractors to ensure alignment with the market and manage costs," HSBC confirmed in a statement.

The move comes as the bank tries to achieve an annual cost savings of up to $5bn 2017.

In June the lender said it would axe nearly one in five jobs and reduce the size of its investment bank by a third.