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HSBC Bosses Try to Quell Banker Anger Over Cuts to Bonuses

  • Lender reported 45% drop in profit last year amid loan losses
  • HSBC reduced bonuses by 15% at investment bank in 2020
Photographer: Anthony Kwan/Bloomberg
Updated on

HSBC Holdings Plc’s Chief Executive Officer Noel Quinn and his top lieutenants were forced to defend bonus cuts to unhappy investment bankers and traders after a year marked by hectic dealmaking and volatile markets.

On calls last week with staff at its global banking and markets division, Quinn, along with the unit’s co-heads, Georges Elhedery and Greg Guyett, had to justify why the pool had to be scaled back at the only division that saw revenue increase last year, according to people familiar with the situation.