HSBC Chief receives pay cut amid falling profits

Stuart Gulliver, HSBC CEO, has seen his pay fall by 3.7%.

Gulliver received £7.34million in 2015, compared to £7.62million in 2014. His fixed pay stayed the same, but variable pay was down by 10.6%. The news comes at a time when the job and financial security of staff at the bank is under question. Salaries have either been cut or frozen, and job losses have been rumoured.  

The figure was seen in the bank’s 2015 annual results. The annual profit before tax was $18.87billion, marginally more than 2014’s $18.7billion. However, the figure did not reach analyst’s expectations of $21.8billion.

The results also showed that HSBC made a loss of $858million in the fourth quarter of the financial year. Analysts had anticipated a profit of $1.95billion for this quarter.