HSBC's top earner got US$20m
Wednesday, March 7, 2007
HSBC Holdings paid one of its bankers more than £ 10.4 million (US$20 million) last year and another about £8 million, its annual report showed.
HSBC Chairman Stephen Green and Chief Executive Michael Geoghegan were each paid £2.9 million in salary, benefits and bonuses last year, up from £2.5 million and £671,000 in 2005, respectively, the report showed.
Green moved up from CEO last May, when Geoghegan was promoted from head of UK banking.
But one employee was paid between £10.4 million and £10.5 million, including bonuses.
Europe's biggest bank declined to name the employee or the area in which he or she worked.
Under Hong Kong regulations, it is required to disclose how much its top five earners were paid.
The bank's highest earner in 2005 was paid £10.2 million.
The second-highest earner last year received about £8 million, the third-highest was paid about £6.5 million.
It is likely the big earners are from HSBC's investment banking unit, CIBM, where bankers often earn more than the chief executive due to performance related payments. It is headed by Stuart Gulliver.
John Bond, who retired as chairman of the bank last May, was paid £2.1 million in the year.
HSBC reported record profits for a British bank of US$22.1 billion earlier on Monday, but the five per cent rise on the year lagged behind growth at most of its rivals as HSBC was hit by a US$10.6 billion charge for bad debts largely due to bad debts in its United States mortgage lending.
HSBC Holdings PLC is one of the largest banking groups in the world, ranked the fifth-largest company and third-largest banking company in the world in Forbes Global 2000. Its head office is located in the HSBC Tower in London's Canary Wharf.
The group is named after its founding member, The Hongkong and Shanghai Banking Corporation, a bank established by Thomas Sutherland, a Scot, to finance British trade in the Far East in 1865.
The bank is the largest corporation in the world in terms of assets. Reuters
HSBC Chairman Stephen Green and Chief Executive Michael Geoghegan were each paid £2.9 million in salary, benefits and bonuses last year, up from £2.5 million and £671,000 in 2005, respectively, the report showed.
Green moved up from CEO last May, when Geoghegan was promoted from head of UK banking.
But one employee was paid between £10.4 million and £10.5 million, including bonuses.
Europe's biggest bank declined to name the employee or the area in which he or she worked.
Under Hong Kong regulations, it is required to disclose how much its top five earners were paid.
The bank's highest earner in 2005 was paid £10.2 million.
The second-highest earner last year received about £8 million, the third-highest was paid about £6.5 million.
It is likely the big earners are from HSBC's investment banking unit, CIBM, where bankers often earn more than the chief executive due to performance related payments. It is headed by Stuart Gulliver.
John Bond, who retired as chairman of the bank last May, was paid £2.1 million in the year.
HSBC reported record profits for a British bank of US$22.1 billion earlier on Monday, but the five per cent rise on the year lagged behind growth at most of its rivals as HSBC was hit by a US$10.6 billion charge for bad debts largely due to bad debts in its United States mortgage lending.
HSBC Holdings PLC is one of the largest banking groups in the world, ranked the fifth-largest company and third-largest banking company in the world in Forbes Global 2000. Its head office is located in the HSBC Tower in London's Canary Wharf.
The group is named after its founding member, The Hongkong and Shanghai Banking Corporation, a bank established by Thomas Sutherland, a Scot, to finance British trade in the Far East in 1865.
The bank is the largest corporation in the world in terms of assets. Reuters
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