HSBC and Standard Chartered bosses 'to give bonuses to charity'

1 March 2010

The bosses at HSBC and Standard Chartered are set to give their annual bonuses to charity, it has been widely reported.

Michael Geoghegan, chief executive of HSBC and Peter Sands, his counterpart at Standard Chartered, are to hand over a combined total of around £6 million ($8.9 million) to good causes.

Both banks, which did not need any form of taxpayer bailout during the height of the financial crisis, are expected to post strong results for 2009 this week.

Mr Geoghegan is reportedly set to receive a £4 million bonus for his work last year – money that will be handed over to a child education charity.

But it is not yet clear which organisation Mr Sands will give his money to.

Stephen Green, chairman of HSBC, told the Financial Times in January that the bonus culture in the banking industry was giving rise to "wrong and frankly inflated" levels of pay for bankers.

By Tony Aynsley

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