Britain's four biggest banks are to award bonus payouts worth around $7.2bn in the next few weeks even as the share prices of lenders are being hammered by deepening concerns about economic growth.
Sky News reports that they can reveal that boardroom pay committees at Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS) are finalising plans to announce the bonus pots alongside their annual results.
The overall pot will be lower than the $7.54bn aggregate bonuses for the quartet of banks in 2014, insiders said on Friday.
The biggest payer will be HSBC, which sources said would award bonuses of just under $3.6bn.
HSBC, which is finalising a decision about whether to move its headquarters from London after a ten-month review, is by far the most profitable of the four banks, as well as the largest dividend-payer among them.
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