HSBC orders pay cuts in London

• Staff at HSBC's (NYSE:HSBC) investment banking unit in London have been ordered to take a 10% pay cut and two weeks of unpaid leave by the end of the year, The Times reports.
• Under intense pressure to reduce costs, the bank broke the news to staff last week and instructed managers that there would be "0% exceptions."
• HSBC previously unveiled a three-year plan in June aimed at lowering headcount by 50K and cutting annual costs by as much as $5B.