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Bank Bonuses Bounce Back!


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A survey by Income Data Services, an employment research agency, indicates that bonus payments are not yet back at to pre-crisis levels, but have shown a marked "bounce back" in the past two years. The research also suggests that regular pay has continued to grow, shooting up some five per cent or more over the past year.



Disclaimer: Articles may make your blood boil.

Edited by pl1
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But for how long?

Anger at HSBC AGM over lacklustre returns

HSBC bosses faced shareholder anger over lacklustre returns and high executive pay, at the bank's annual general meeting.

Chairman Douglas Flint admitted that shareholder returns had been disappointing and inadequate.

A fifth of investors refused to back the bank's remuneration plan, marking stronger opposition over pay than that faced by other banks in the UK.

Under the plan, chief executive Stuart Gulliver could earn up to £12.5m.

The remuneration report contained new arrangements for paying board members in the wake of protests at last year's shareholder meeting.

But some investors at this year's meeting were still unhappy.

"How greedy is this board of directors?" asked private shareholder Michael Mason-Mahon.

Ahead of the AGM, both share advisory group Pirc and the Association of British Insurers had raised concerns about the scheme.

But another institutional investor, Standard Life - which had been one of the bank's fiercest critics over executive pay last year - backed the plan.

The programme involves a retreat from retail banking, although the number of job cuts that will be made has not yet been disclosed.

It could also involve HSBC, which is Europe's biggest bank, selling its US credit card business.

At the meeting, the bank also faced questions over its relationship with the Libyan government and leader Muammar Gaddafi, after a leaked report earlier this week named HSBC, together with other well-known institutions, as holding Libyan state funds.

Mr Flint said Libya had been rehabilitated by the international community in 2006, which was why it had access to the international financial system again, before being cast aside this year.

But he refused to be drawn on whether HSBC had any connection to the Libyan government.

Edited by Live Peasant
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I wouldn't have expected anything else. The banksters know how to get what they think they 'deserve', it's most of the common people that are too afraid to ask for a rise and then envy and despise those that are protected by a union. With this kind of mentality prevalent in the UK things will never get better for most people.

People need to start being in charge of their own destiny, join a union (or even create an ad-hoc one, I did that once, got me and my colleagues a 25% rise!), demand pay rises and go all the way, not back off at the first obstacle.

Edited by wise_eagle
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