HSBC Boosts CEO Gulliver's Pay as Bank's Bonus Pool Drops 12%
- CEO awarded new long-term share plan, hits majority of targets
- HSBC cuts investment bank’s bonus pool 13% to $954 million
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HSBC Holdings Plc boosted Stuart Gulliver’s total potential pay to 9.7 million pounds ($12 million) as the chief executive officer was rewarded for cutting costs, while the bank’s bonus pool dropped.
Gulliver, 57, saw his annual incentive pay for 2016 raised to 1.7 million pounds from 1.1 million pounds a year earlier as he hit targets for paring expenses and assets, even as he fell short of a profit goal, the bank said in its annual report Tuesday. He received 64 percent of his potential bonus, while he will also get a new long-term incentive that could be worth 4 million pounds for 2016 if all targets are met by 2019.