2 Mar 2010

UK bank chief gives bonus to charity

2:39 pm on 2 March 2010

The bank's profits fell to Stg 4.7 billion after the value of its debt declined, though its underlying profits rose by 56% to Stg 8.8 billion, the BBC reports

The bank's chief, Michael Geoghegan, plans to give his bonus to charity, though a number of other senior executives will keep their bonuses totalling Stg 31 million.

HSBC chairman Stephen Green is defending the payout, but says the bank will overhaul its pay policies and plans to raise basic salaries to lessen the amount of bonuses paid.