Financial
HSBC boss to take share bonus to mollify public
(THE INDEPENDENT) - Michael Geoghegan, HSBC’s chief executive, is believed to be ready to announce that he will take his bonus in shares rather than cash in an effort to assuage public anger over bonuses when the bank reports its full year results tomorrow.
And Peter Sands, the chief executive of Standard Chartered Bank, is set to take a bonus worth nearly $3.9bn (£2.6) when the bank issues its numbers later in the week.
HSBC is expected to say it made profits of more than $11bn during 2009. But its chairman, Stephen Green, who is paid a salary of more than £1m will once again waive his bonus entitlements. The lay preacher boss has refused bonuses for the past three years.
Mr Geoghegan, who moved to Hong Kong last year to drive the bank’s development in Asia, could take a bonus worth as much as £4m.
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