Investment bankers in HSBC's London operations have seen bonuses decline by as much as 20%, as the UK lender has kept a tight grip on pay amid a broader cost-cutting programme.

Bonuses in HSBC's global banking operation in the UK have declined by between 10-20%, according to conversations with investment bankers in London. However, they added that there have been big swings between individuals, with high performers seeing increases and some people flat on 2019.