HSBC is preparing to award little or no bonuses to some bankers as it adopts a tougher, performance-driven pay model similar to its US rivals, according to Bloomberg. Underperforming staff in investment banking and wealth management — including some managing directors — may be encouraged to leave after bonuses are paid in the coming weeks, according to people familiar with the matter. Final decisions have not yet been made. The move reflects the strategy of CEO Georges Elhedery, who has pushed to align HSBC’s compensation practices with those of Wall Street firms. Since taking over in late 2024, he has led a major restructuring, shutting down much of the bank’s US and European deals and equity underwriting operations and merging commercial and investment banking. Several senior executives have exited as part of the overhaul. According to Bloomberg, HSBC said it remains committed to rewarding employees competitively, with pay linked closely to performance. The bank’s 2024 bonus pool remained flat at $3.8 billion, defying an industry trend toward higher payouts. Some staff, particularly in corporate and …