HSBC chief Gulliver pockets £1.9 million bonus as red ink flows at scandal-tainted bank
(03-04 19:15)
Scandal-hit HSBC, which reported weakened earnings today awarded chief executive Stuart Gulliver a deferred bonus of £1.9 million.
Over the past two years, the British bank has been fined by US regulators for laundering drug money from Mexican narcotics barons, terrorists, penalized for mis-selling insurance protection in the UK as well as other financial transgressions across the world.
The bank’s profits attributable to shareholders slumped 17 percent to US$13.45 billion.
Gulliver’s total pay was £8.89 million, the British bank reported. The package includes £1.2 million salary and a bonus of slightly less than £2m, below that of last year. Deferred bonuses for Gulliver amounts to £5.64 million, while benefits total £1.2 million.
The bank’s five highest paid bankers earned a total £27.78 million last year, of which £21.51 million was performance-related pay. Salaries and allowances amounted to £6.11 million.
Last week, Britain's Lloyds bank, which reported a £570m loss, awarded António Horta-Osório a £1.5 billion bonus.
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