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New rules prevent repeat of HSBC chief's mega bonus

Stuart Gulliver, who has a £1.25 million base salary, landed a total pay package worth £8 million in 2013. Credit: PA

HSBC chief executive Stuart Gulliver, who received a total pay package worth £8 million in 2013, will no longer be in line to land as high a sum after changes in European banker bonus rules.

Mr Gulliver's previous pay scheme offered an annual bonus worth up to three times his salary, plus a longer-term share award that pays out as much as six times salary.

But controversial new rules from Brussels, which came into effect in January, prevent the award of bonuses worth more than two times an executive's salary.

HSBC said Mr Gulliver will now receive a fixed pay allowance of £1.7 million, to be awarded in shares on a quarterly basis, on top of his £1.25 million base salary for this year.

HSBC shares slump as profit scale disappoints the City

The increase in HSBC's profits in 2013 still fell below City forecasts. Credit: Joe Giddens/PA Wire

Shares in HSBC slumped by more than 4% after the haul of £13.6 billion profits in 2013 came in well below City expectations.

The banking group, which has more than 250,000 staff, meanwhile, said chief executive Stuart Gulliver received a total pay package worth just over £8 million for 2013.


Staff should share in HSBC profits say Unite

The Unite union is calling on the banking sector to adopt a new positive attitude towards its workforce. It comes after HSBC announced a 10% rise in profits.

Bank bosses need to recognise that the return to profitability has been, in large part, due to the hard work of the customer facing workforce – and these employees need to be rewarded by stopping the unnecessary job cuts and creating a culture of greater job security.

Staff need to share in the newly announced profits of the banking sector in the UK which they have so substantially contributed to.

– Dominic Hook, Unite national officer for finance

Shares fall in HSBC despite profits growth

HSBC's first-half profits grew by 10% to $14.1 billion (£9.2 billion) but shares in the bank fell by more than 2 per cent.

A general view of the HSBC building in Singapore. Credit: Danny Lawson/PA Archive

The figures disappointed the City who had hoped for pre-tax profits of around $14.5 billion (£9.5 billion).

Revenues fell 7% to $34.4 billion (£22.4 billion) amid shrinking income in North America and Latin America

The banking group makes an estimated 90% of its money outside Britain and has benefited from its exposure to emerging markets in Asia.


HSBC closes branches because of UK Uncut protests

A protester re-brands a HSBC branch in London
A protester re-brands a HSBC branch in London Credit: Stefan Rousseau/PA Wire

Four HSBC branches in Glasgow, Sheffield, Brixton and Regents Street in London were closed temporarily while protesters from UK Uncut demonstrated outside.

Campaigners gathered outside 13 HSBC branches across the UK and attempted to turn them into temporary food banks to protest against cuts to welfare.

The group said that "tax dodging" by HSBC made the cuts worse because big businesses were "not paying their share".

A spokesperson for HSBC said: "HSBC takes tax transparency very seriously."

"Globally, HSBC paid £6.1 billion in tax last year, up from £5.2 billion in 2011, and just in the UK the bank paid a total of £1.1 billion in taxes."

UK Uncut protesters demonstrate outside a branch of the HSBC Bank in London's Regent Street
UK Uncut protesters demonstrate outside a branch of the HSBC Bank in London's Regent Street. Credit: Stefan Rousseau/PA Wire

HSBC apologises after website crashes

HSBC customers were prevented from accessing their money today when the bank's website crashed.

The bank confirmed the site was down for about 30 minutes before the issue was resolved and normal service resumed.

Some people also reported issues with their cards.

The bank blamed a "mainframe outage" for the problems. Credit: Joe Giddens/PA Wire/

Customers vented their frustration on Twitter with one user saying:

"First online banking down now the debit card system is down. I'm stranded!".

A HSBC spokeswoman insisted the bank "worked hard" to resolve the technical problems and apologised to customers for "any inconvenience caused".

HSBC recruits ex-head of MI5

Former MI5 chief Sir Jonathan Evans, who stepped down last month, is taking up a lucrative role on the board of HSBC.

Former MI5 chief Sir Jonathan Evans has joined HSBC. Credit: PA

Sir Jonathan, whose appointment was formally approved by David Cameron, will be paid £125,000 to work around 40 days a year for the banking giant.

The role will see him become a non-executive director and member of HSBC's financial systems vulnerability committee.

Dave Hartnett, the former head of HM Revenue and Customs, and Jim Comey, a former US deputy attorney general, have already been announced as advisers to the committee.

Bill Oddie blasts HSBC over 'rainforest destruction'

Bill Oddie accused HSBC of funding the desecration of rainforests at the banking giant's annual general meeting.

HSBC's board members were confronted by the 71-year-old birdwatcher and broadcaster over its links to firms operating in Borneo.

Oddie, who used his position as a shareholder to raise the issue, said, "What's happening is that the logging companies have got the confidence and power and reputation because they have been funded by HSBC to expand and they are expanding across the world".

Bill Oddie pictured visiting the World Land Trust stand at the RHS Chelsea Flower Show.
Bill Oddie pictured visiting the World Land Trust stand at the RHS Chelsea Flower Show. Credit: Anthony Upton/PA Wire

He added, "There's a huge desecration which at the root is funded by HSBC".

HSBC said it requires those banking with it to operate "legally and sustainably to protect the environment and local people" and has stopped providing services to 68 clients who failed to meet its standards.

Chief executive Stuart Gulliver urged Oddie to work with HSBC to tackle the issue, saying, "Give us the chance to be a force for good".

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