Tuesday, February 28, 2012

HSBC boss forfeits £1.3million of his bonus in 'gesture of remorse' at mis-selling scandal affecting thousands...but will still receive £5.9m bonus

The boss of HSBC has been forced to forfeit £1.3million of his bonus after the bank was embroiled in two of the biggest episodes of mis-selling affecting thousands of customers.

The decision to strip Stuart Gulliver of the financial award was yesterday described as a symbolic gesture of remorse by Britain’s biggest bank.

HSBC is also clawing back shares and cash from several senior employees.

However, on the day it posted a profit of just under £14billion for last year, it emerged Mr Gulliver will still receive a £5.9million bonus on top of his basic salary of £1.25million for his 2011 performance. Read More