Following a growing trend amongst retail banks, HSBC will no longer be tying staff bonuses to sales targets. Instead, performance will be measured in terms of ‘customer satisfaction’.
Co-operative Bank and Barclays both similarly overhauled their bonus schemes in 2012.
Increasing concern for their public image has led banks to make a wide range of structural changes in recent months, including Barclays shutting down its profitable tax advisory business.
Read more about HSBC in the news.