HSBC to unveil pay packages for its top eight executives
HSBC will become the first bank to disclose the pay packages of its top eight executives when it unveils its annual results for 2011 today.
The bank will be the first to comply with new proposals being put forward by the Treasury, which would see each bank provide pay details of the eight top executives outside the boardroom.
The disclosure follows on from last year’s Project Merlin when the UK’s biggest banks including HSBC were forced to publish the pay of their five highest-paid executives, although they did not have to identify them.
HSBC is also expected to announce plans to claw back parts of the bonuses handed out to some of its middle-ranking bankers before its NHFA subsidiary was fined £10m by the FSA for mis-selling unsuitable products to pensioners. The story was first reported by Sky News.
Stuart Gulliver, HSBC’s group chief executive, will see his own bonus for 2011 marked down as a result of the FSA fine, sources said, even though he had no role in the mis-selling. Gulliver is expected to take home more than £12m in cash and shares if he has achieved all his targets.