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.