HSBC

HSBC has given 15 of its top bankers “fixed pay allowance arrangements” worth £7.1m under a controversial new pay scheme designed to dodge tough new European Union rules on bankers’ bonuses…The awards are part of big banks’ plans to increase the basic pay of executives to sidestep tough new EU rules designed to clamp down on excessive bonuses. Banks have turned to awarding fixed pay allowances after the EU ruled to cap bonuses to 200% of salary, even if shareholders wanted to approve higher payments. The new payments are counted as fixed pay, which means banks can, with shareholder approval, pay bonuses of 200% of bankers’ collective basic pay and fixed pay allowances. The fresh money, which is not subject to clawbacks designed to retrospectively recoup bonuses in the event of any wrongdoing emerging in the future, covers the first half of the year – and bankers can look forward to further payments every three months. A fifth of the shares will vest in March 2015, with the rest locked up until 2020. [Guardian]

  • 12 Jun 2014 at 4:48 PM

Could Some Regulator Help HSBC Find The Bad Guys?

HSBC’s chief legal officer has figured out how to ferret out “the truly bad actors:” Part of it involves the bank actually looking for them, but the much bigger part comes with a bill to taxpayers. Read more »

  • 02 Apr 2014 at 5:00 PM
  • Banks

El Chapo Guzman May Still Be Banking With HSBC

Remember that time HSBC was found to be running a lucrative money-laundering business on the side, cheerfully doing business with Mexican and Colombian drug cartels, the Iranians, Burmese and the Cubans? And how it agreed to stop and be a good boy and oh yea pay about $2 billion if federal prosecutors agreed not to file criminal charges against it?

Well, coming up with $1.9 billion was the easy part. Making sure you’re not doing the thing that forced you to write that check in the first place? This is a stickier matter. Read more »

  • 24 Feb 2014 at 4:23 PM

Bonus Watch ’14: HSBC Has A Plan

They’ll be upping everyone’s “allowance” to compensate the EU’s so-called “bonus caps.” Read more »

Been thinking about TP’ing your CEO’s house? Or placing a massive trade that, let’s be honest, probably won’t work out and will ultimately cost the firm billions? Or taking the keys to your boss’s vintage Ferrari and driving some colleagues uptown for a joy ride, and when confronted about, claim you thought the office had a “what’s mine is yours” policy? Or dressing up as his wife for Halloween? Thanks to a new compensation plan being considered by London bank, now you can? Read more »


She’s got a money fan and she’s not afraid to use it. Gird your loins. [Twitter]

Related: Spandex-Clad, Billy-Club Brandishing Roller Girl Also Moonlights As ‘Ethical Fiscal Fairy’; Spandex-Clad Roller Girl Was Not Only Prepared To Put Citi Execs Over Her Knee But Read Them Their Rights; Blow-Up Jamie Dimon Recieved An Ass Kicking Today; Noted ‘Bank Reform Bitch’ Also Makes Appearances As ‘Desperate for Justice Housewife’; Bank Reform Bitch/ Ethical Fiscal Fairy/ Spandex-Clad Roller Girl/ Better Banking Butterfly Weighs In On Derivatives; Bank Reform Bitch/ Spandex-Clad Roller Girl/ Better Banking Butterfly/ Ethical Fiscal Fairy Pays Jamie Dimon A House Call

You can waterboard him. Pull his finger- and toenails out with rusty pliers. Electrocute his genitals. Make him talk to a House of Commons select committee.

But know this: Jonathan Evans will take HSBC’s darkest secrets to the grave. Read more »