weslgarlic Posted March 6, 2013 Share Posted March 6, 2013 HSBC boss earns 500 times more than bank's lowest paid workers last year The bumper package included a near £2million annual bonus even though the bank was fined £1.2billion for a money laundering scandal THE boss of HSBC earned over 500 times more than the bank’s lowest paid workers last year. Stuart Gulliver received a hefty £7.4million in pay and perks for 2012, the bank revealed today. The bumper package included a near £2million annual bonus even though the bank was fined £1.2billion for a money laundering scandal. Mr Gulliver also pocketed a £1.25m salary, £1.2m in other benefits and share awards of £3m. Awards from the previous year that he got last year mean his package rose to £8.9m. HSBC also revealed that 204 staff were paid at least £1million last year, including 78 based in the UK. In total, the five highest paid employees at the bank shared nearly £27.8million in pay, perks and bonuses. Yet while Gulliver and other high earners raked it in, the Unite union said some HSBC workers were earning as little as £14,000 a year. The bank is also proposing to close its final salary pension scheme for existing members, while some workers will get two days fewer holiday under plans announced by the bank. The criticism came as HSBC revealed underlying profits soared by 18% to £10.9billion last year. The banking group, which employs 270,000 people, makes an estimated 90% of its money outside Britain and has benefited from its exposure to emerging markets in Asia. There are 48,000 people in the UK business. Unite national officer Dominic Hook said: “Long serving HSBC staff earning as little as £14,000 a year are having their pensions attacked while the bank announces astronomical profits. “In an act of sheer pettiness the billion dollar bank is snatching two days holiday a year from its staff and cutting sick pay. “The savings the bank is making from these changes are a drop in the ocean compared to its profits and the bonuses being awarded. "HSBC can easily afford to provide decent pensions to all its staff.” TUC general secretary Frances O’Grady said: “The culture of entitlement is alive and well in the City. “At a time when real wages are falling for the vast majority of people, the banking sector is continuing to hand out huge bonuses as if they were pocket change.” Commenting on the results, Stuart Gulliver said: “HSBC made significant progress in 2012. First and foremost we grew our business. “We increased revenues, performed well in most faster-growing markets and enjoyed a record year in commercial banking.” http://www.mirror.co.uk/money/city-news/hsbc-boss-stuart-gulliver-earns-1743018 Talk about us and them Link to comment Share on other sites More sharing options...
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