HSBC executives get share awards

HSBC HQ London 2

HSBC awarded 14 executives a total of $3m in shares, led by investment banking chief Samir Assaf, as banks sidestep regulatory limits on bonuses.

Bloomberg News reports that Assaf received stock valued at $646,364, more than Chief Executive Officer Stuart Gulliver who got $364,329 and Asia-Pacific CEO Peter Wong who collected $545,355, according to a statement on Tuesday.

The role-based pay awards cover the second quarter of the year and follow an initial payment for 2015 in May.

Regulators have forced banks to limit bonuses to no more than twice fixed pay in a bid to rein in short-term risk-taking, seen as contributing to the financial crisis of 2008. Banks have sidestepped the rules with role-based allowances, arguing the share awards are part of employees’ fixed salaries and aren’t affected by the bonus caps. The European Banking Authority said it would move to close the loophole last year.

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

HSBC’s Assaf Among Managers Getting $3 Million Stock Payout

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