HSBC reveals profits and bonuses

28 February 2011

Financial giant HSBC has unveiled its latest round of results and bonuses following months of negotiations between UK politicians and senior figures from within the banking industry.

The bank announced that it made pre-tax profits of around $20 billion last year when it released its figures this morning (February 28th 2011) - more than double the amount it made back in 2009.

HSBC is also expected to confirm the amounts handed to its top staff in aggregate salaries and the overall bonus pool, several months before new Financial Services Authority regulations come into force compelling financial institutions to do so.

Newly-appointed chief Stuart Gulliver - HSBC's highest-paid executive last year with remuneration of £10 million - will reportedly see his bonus shrink from £9 million to £7 million.

Earlier in the month, rival Barclays came under fire from campaigners after it was revealed that the bank had paid £113 million in corporation duties on its 2009 pre-tax profits of £11.6 billion.

By Gary Cooper

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