Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

HSBC CEO Gulliver Receives $2.9 Million Bonus Amid Record Fine

March 4 (Bloomberg) -- HSBC Holdings Plc Chief Executive Officer Stuart Gulliver received a 1.95 million-pound ($2.9 million) bonus for 2012 even after the British lender paid a record fine for breaking anti-money laundering rules.

The award, down from 2.2 million pounds in 2011, reduced Gulliver’s total compensation to 7.4 million pounds, from 8 million pounds a year earlier, HSBC said in its annual report published today. The London-based bank paid staff 3.7 billion pounds in bonuses for last year, a 7 percent drop from 2011.

Europe’s largest bank by market value today reported a decline in annual profit and said costs rose for a third year, missing its target. The bank’s reputation was “crushed” after it agreed to pay $1.92 billion to settle U.S. probes of money laundering in places such as Mexico, Gulliver said on Feb. 6.

Some 60 percent of Gulliver’s award is deferred for five years and is subject to the “successful completion” of the prosecution agreement with U.S. regulators, according to HSBC. The bank said it had clawed back an undisclosed amount from bonuses paid in previous years.

HSBC paid 204 employees more than 1 million pounds last year, up from 192 employees in 2011.

In a deferred prosecution agreement, the government allows a target to avoid charges by meeting certain conditions such as the payment of fines or penalties and by committing to specific reforms, either under the guidance of a monitor, or the creation of an internal compliance panel.

Pretax earnings for 2012 fell to $20.65 billion from $21.87 billion a year earlier, trailing the $23.49 billion estimate of 26 analysts surveyed by Bloomberg. Revenue fell 5.4 percent to $68.33 billion, the bank said today.

To contact the reporters on this story: Howard Mustoe in London at; Gavin Finch in London at

To contact the editor responsible for this story: Edward Evans at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.