HSBC May Lift Variable Pay By $300 Million, Costs to Rise
- Operating expenses slightly higher than consensus estimates
- Quinn says variable pay hike to reward staff for performance
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HSBC Holdings Plc said it may increase some variable pay, resulting in higher expenses, after it announced a surge in third-quarter earnings.
“We have signaled, potentially in Q4 because of the very strong trading performance of the business, we may well top up our variable pay by an extra 1%, or $300 million,” said Noel Quinn, Chief Executive Officer of HSBC in an interview with Bloomberg Tv’S Tom Mackenzie, adding that the lender wants to reward staff.