HSBC to reveal pay packages of hundreds of bankers

Jill Treanor The Observer 02/27/2011 17:55

The scale of the big pay deals on offer in the City will be laid bare on Monday when HSBC, Britain's biggest bank, discloses more information about the salaries and bonuses of its high flyers than any other financial institution.

Stuart Gulliver, HSBC's new chief executive, has persuaded the board to announce the aggregate salaries and aggregate bonus pool for 200 or so of its top staff, to comply with rules from the Financial Services Authority (FSA) more than nine months early.

HSBC already announces pay deals for its five highest-paid staff, whether or not they are in the boardroom, to comply with Hong Kong rules. It does not have to name the staff but last year Gulliver was the highest paid, with a £10m deal. But HSBC now intends to provide a breakdown of aggregate pay between its major divisions such as investment banking, corporate banking and retail banking.

The information will be announced alongside HSBC's 2010 results – expected to show a £12bn profit powered by growth in Asia. The bank is already unusual in publishing its annual report alongside its figures but it is expected to make an additional disclosure, in a separate document, that will outline the aggregate salaries and bonuses of the key players.

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