Tuesday, February 28, 2012

Richer Banker

HSBC boss’s £6m bonus – but bank made £14bn
28 February 2012

THE boss of HSBC has been given a £6million bonus after the bank made almost £14billion profit. Chief exec Stuart Gulliver, 51, earned a total of £7.2million — £1.3million in annual pay with bonuses of £5.9million.

Another 192 HSBC bankers pocketed £1million or more last year — 65 in the UK.

The total bonus pot across the bank was £2.65billion — down two per cent.

The pay day came after HSBC said it had made more than any bank in the Western world in 2011 — £13.8billion.

That was up 15 per cent as it cashed in on huge growth in the Far East. But bank chiefs said Mr Gulliver should have performed BETTER.

A scorecard showing how he earned his fortune gave him half marks for "profit" and none for "reputation" after a huge mis-selling fine last year. Chairman Douglas Flint described HSBC's performance as "satisfactory".

Unions slammed Mr Gulliver for taking the cash as 30,000 jobs could go by 2014. But HSBC — which was not bailed out — said it had to pay top wages to retain the best staff.

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