Skip to main content

Bonus Watch '09: HSBC

Regarding speculation that the Hongkong and Shanghai Banking Corporation would be taking a page from Bank of America and UBS's playabooks, re: bonuses, it seems as though acronym haters were indeed inspired to compensate employees in Pop Rocks. But they're (presumably) not doing so over a period of ten years so, that's something! The breakdown was supposedly as follows:

FX: 60-75% down from last year (even though made over budget)
Metals: same as FX, including beating budget
Structured Equity: 75-90% down from last year
Structured Funds: Zero bonus globally (London, HK and NY)
Global Head of Markets, Samir Assaf, apparently receiving bonus (!) even though Global Markets lost billions in 2008 due to on-going mortgage losses and a billion on Madoff.