HSBC plans to cut salaries for some newly-promoted managing directors by up to 25% in the latest sign that the planned scrapping of the UK bonus cap could prompt banks to upheave pay.

The UK lender will offer salaries of £225,000 to some senior investment bankers, Bloomberg reported citing people familiar with the matter. The new salary will be for newly-promoted managing directors, with those currently in the role earning £300,000, the publication said.