HSBC boss sees pay cut by 5.1%

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HSBC cut CEO Stuart Gulliver’s compensation by 5.1% to $12m in 2014 as Europe’s largest bank reported weaker-than-estimated full-year profit.

Bloomberg News reports that Gulliver, 55, received variable pay of $5.2m, down from $8.4m in 2013, the bank said in a statement on Monday. HSBC Chairman Douglas Flint, 59, received a total compensation of $3.84m, up from $3.71m a year earlier.

'Looking ahead to 2015 and 2016, further significant regulatory changes to executive remuneration are expected and it is possible that we will need to make changes to our remuneration policy in 2016', the bank said.

To access the complete Bloomberg News article hit the link below:

HSBC Cuts CEO Compensation by 5.1% as Profit Misses Estimates

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