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.
Antonio Simoes, head of HSBC in the UK, said: ‘We have changed how we assess and reward our employees, removing any sales targets, so that they can completely focus on serving our customers’ needs and providing superior service. We want our customers to know they can depend on HSBC to do the right thing for them and this is the absolute focus of our employees.’
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.