Pay row settled at banking giant

The threat of further strikes at banking giant HSBC ended today when a new pay deal was announced.

Amicus said it had won its campaign for fair pay, with 90% of workers set to receive a wage increase above the rate of inflation next year.

The union held a strike in May and had threatened further industrial action after complaining that the bank had imposed a pay increase which would have led to 60% of staff receiving a below inflation rise.

Amicus official Rob O’Neill said: “This deal is a big improvement on the one that HSBC had previously imposed on staff.

“What is absolutely certain is that this deal would not have happened without our members taking the difficult decision to strike.

“We hope that the resolution of the dispute will herald a new era of more positive and constructive relations between HSBC and their loyal and hard working staff.”

HSBC said the new deal affected around 25,000 clerical staff, adding that bonus arrangements were unchanged.

“It’s a three-year salary deal, which provides stability and certainty for HSBC and our clerical staff.

“HSBC devised the three-year arrangement and tabled it with Amicus. Clerical salary rises are pre-agreed for 2006, 2007, and 2008 – 3.5%, 2.5% and 2.5% respectively,” said a company spokesman.

There will be minimum salary increases for “satisfactory” performers.