Management of HSBC London took 40% less pay than peers

London Bankers of HSBC Took 40 Percent Less Pay Than Global Peers

London Bankers of HSBC Took 40 Percent Less Pay Than Global Peers

Indicating the growing pressure on pay-packages in emerging markets such as China and Latin America, HSBC revealed its bankers in London almost took 40 percent less salaries than their peers worldwide.

A pool of 186 top bankers received an average bonus of $926,000 and a total pay of $1.22 million in 2010, latest data released on Monday by HSBC under the Basel ‘Pillar 3’ disclosure norms showed. This compares with average pay of $1.69 million and $1.3 million bonuses paid to its 280 senior staffers worldwide.

HSBC also became the first bank to adhere to new disclosure norms mandated by the government under the so-called project Merlin. HSBC also has the distinction of publishing its annual report along with its full year results.

Under Project Merlin rules, HSBC had to disclose salaries of five of its senior managers reporting to the board, without disclosing their names. The five employees earned between £2.15 million and £2.75 million in 2010, although they were not the highest paid.

The five highest paid individuals took home salaries ranging between £6.3 million and £8.5 million, the bank disclosed, as mandated by the Hong Kong stock exchange, where it is also listed apart from LSE.

The current chief executive – Stuart Gulliver is among the five and took home a bonus of £5.2 million in deferred shares, much lower than £9 million he took in 2009.

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