HSBC considering rise in banker pay

6 August 2013

HSBC has stated it is considering raising its bankers' salaries in order to combat the new legislation that will see bonuses capped.

Under the new rules no banker will be able to receive more than double their salary, therefore in order to get around this the organisation may merely raise the basic wage.

Chairman Douglas Flint said increasing staff salaries was a possibility and the bank was considering many other options.

"We have to be competitive," Mr Flint remarked.

The upcoming change in regulations will come into effect from the start of next year and are being implemented by the European Union.

Mr Flint said the legislative changes "could have a highly damaging impact on our competitiveness position in many of our key markets, including those outside Europe".

The bank revealed a ten per cent rise in pre-tax profits to $14.1 billion yesterday (5 August) despite a decline in revenues.

By Tony Aynsley

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