HSBC chairman Stephen Green attacked "perverse" pay practices in banking and called for a "more sober and reasonable approach to compensation" as it emerged the bank paid two senior employees almost £25m last year, The Telegraph reports.
In total, HSBC's five top-paid bankers received £33.6m in guaranteed bonuses and "inducements to join", yesterday's full-year results revealed. At the same time, Mr Green said: "The industry needs to recover a sense of what is right... the contributors to the crisis were, in some cases, among the biggest beneficiaries." Two US recruits to HSBC's investment bank, believed to be Tom Cole and Dan Toscano, were paid £13.7m and £11m. Asked if he would make such payments now, Mr Green said: "The world has changed a lot in the last 12 months." See full story...
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