HSBC chairman condemns compensation practices amidst controversy over bankers’ bonuses

Stephen Green, the chairman of HSBC called for a more sober attitude to reward in the banking sector, as it emerged that bonuses, reportedly topping £32 million were given to five of the firm’s senior bankers.

HSBC confirmed that yesterday (2 March) Green condemned pay practices in the banking sector as being perverse and called for a more sober and reasonable approach to be taken to compensation in the banking sector.

Green’s comments came as details emerged of the bonuses paid to the five HSBC bankers, two of whom were reportedly also paid almost £25 million last year.

HSBC Holding’s financial results for 2008 showed that the firm’s profit before tax in 2008 fell by 62 % compared to the same period in 2007.