LONDON : HSBC cut its annual bonus pool by 4 per cent to $3.4 billion in 2022, the bank said on Tuesday, as a global slump in dealmaking led it to trim awards for its bankers.Despite the overall bonus cuts for staff, Chief Executive Noel Quinn saw his pay package jump 14 per cent to 5.6 million pounds ($6
LONDON : HSBC cut its annual bonus pool by 4 per cent to $3.4 billion in 2022, the bank said on Tuesday, as a global slump in dealmaking led it to trim awards for its bankers.
Despite the overall bonus cuts for staff, Chief Executive Noel Quinn saw his pay package jump 14 per cent to 5.6 million pounds , from 4.9 million pounds the prior year. Once long-term incentive awards are included, Quinn's total pay could reach 10.5 million pounds, the bank said. HSBC reported a strong fourth quarter profit to end 2022 but a cautious outlook left some investors pondering whether the boost to earnings from higher central bank rates may already have peaked.HSBC said it prioritised increasing payouts for high performers in its commercial bank and for more junior staff across the bank, whereas bonuses fell in its global banking and markets arm after a torrid year for deals.
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