HSBC to rejig bonus payments
Tuesday 21 February 2012
HSBC is to overhaul the way it pays bonuses to UK staff following
pressure from regulators to hold onto more of its profits, it was
The bank is to fund the cash part of any bonuses greater than £50,000 by issuing new shares and selling them to raise money, meaning that its capital reserves will not be depleted by the payments, according to Sky News.
The bank, which will report full-year results on Monday, is to issue tens of millions of pounds worth of new shares, which will allow it to make pay-outs to UK staff without jeopardising its financial security.
Bank of England governor Sir Mervyn King and Financial Services Authority chief executive Hector Sants have recently called on banks to reduce the cash they pay out to staff and investors.
Instead, they want banks to hold on to their money to help shore them up against any future financial crises.
Similarly, leading shareholder groups such as the Association of British Insurers, have urged banks to rebalance the sums paid to bank employees and owners.
A cautionary tale for ambitious would-be authors
X Factor judge will appear in court later this month
Sir Ian McKellen hits back at Damian Lewis' 'fruity' claims
Ja Rule forced to deny leaving wife for prison cell mate
Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
Teenage girl convicted of robbery after taking pre-crime selfie wielding knife
'I'm experiencing austerity as well', says Princess Michael of Kent
- 1 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 2 Exercise most effective lifestyle choice for preventing dementia, researchers say
- 3 Teenage girl convicted of robbery after taking pre-crime selfie wielding knife
- 4 Newly vegan Beyoncé wears fox fur to dine in meat free restaurant
- 5 'I'm experiencing austerity as well', says Princess Michael of Kent
- < Previous
- Next >
iJobs Money & Business
£44000 - £55000 per annum + Excellent Benefits: Pro-Recruitment Group: Confide...
£25000 - £35000 per annum + Benefits : Harrington Starr: PHP Symfony2 Framewor...
£40000 - £55000 per annum + Bonus and Benefits: Harrington Starr: A leading pr...
£50000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Market Data An...