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More than 10% of shareholder votes went against HSBC's pay report at its annual meeting today. It comes after the banking giant's boss paid himself £7.5 million in pay and bonuses last year.
The intensity of criticism for the company's renumeration policies was down from 2010 when nearly 19% of shareholder voted against the pay report.
HSBC's chairman Douglas Flint appeared to defend the bank's high rewards, saying: "We continued to develop a truly meritocratic culture because as international competition for the best talent intensifies, we need to ensure that HSBC is making the most of the skills and abilities of our people."
Banking giant HSBC today confirmed 2,217 job losses in the UK.