Results tagged “stuart gulliver”

More than 10 per cent of votes went against the pay report of Canary Wharf based bank HSBC, the latest signal that shareholders are still uncomfortable with mega-deals in corporate boardrooms.

Chief executive Stuart Gulliver took home £7.5million in pay and bonuses last year. But this was down on the £8.4million in 2010 which prompted a revolt by 19 per cent of shareholder votes.

HSBC has again hinted it may quit the UK after claiming tighter regulation could cost $2.5billion a year.

The Canary Wharf-based bank announced a 36 per cent fall in its third quarter profits this morning, largely due to its exposure to the Eurozone debt crisis and a rise of $1million in US bad debts.

HSBC is to delay its decision on a potential move out of Canary Wharf until next year.

The bank has been hinting that it could move its global headquarters from the UK because of the likely imposition of tougher legislation when the Independent Commission on Banking publishes its report in September.

May 11 will be a red letter day in the life of HSBC as new chief executive sets out his strategy for the future of the bank.

Uppermost in the minds of HSBC's Canary Wharf workforce - where the strategy will be outlined - is be the impact on the retail arm of the bank.

Major changes have been announced at HSBC this afternoon.

Chief executive Michael Geoghegan is stepping down after four years in the post, with Stuart Gulliver taking over the job. Meanwhile, finance director Douglas Flint will become the bank's new chairman, replacing Stephen Green.

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