Bloomberg's Jack Reporter Ed Ludlow

HSBC is slashing the base pay for some newly promoted investment bankers here in the UK by a quarter. New managing directors will now get a salary of about £225,000 compared with £300,000 for those already holding that same position. The world's most valuable company is delaying bonuses, pausing, hiring and checking how often its staff come into the office. Jeremy Hunt, the chancellor, he delivers his spring budget today. We'll have full coverage on Bloomberg Radio at lunchtime.