CEO Noel Quinn told reporters the board set his pay and that HSBC’s overall performance was strong, adding that executive bonuses and staff awards would go ‘in swings and roundabouts’
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 deal making led it to trim awards for its bankers.
Once long-term incentive awards are included, Quinn’s total pay could reach £10.5-million, the bank said. British banks have faced criticism for continuing to pay substantial bonuses while millions of people are being squeezed by rising mortgage rates, the lingering energy crisis and inflation pushing up the cost of everyday goods.
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