Business & Finance, News

HSBC Bonuses – profiteering from crime says Move Your Money

HSBC Bonuses - profiteering from crime says Move Your Money
March 4th, 2013
Author: Economic Voice Staff

Banking campaign group ‘Move your Money’ has heavily criticised the latest round of bonuses unveiled by HSBC, branding the bank’s actions as “no better than profiteering from crime”.HSBC is expected to announce a bonus pot of £2 billion for 2012 including £2 million for its already generously remunerated Chief Executive, Stuart Gulliver.

The news comes hot on the heels of a year when HSBC reached a £1.2 billion settlement with US regulators after the bank allowed rogue states and drug cartels to launder billions of pounds through its US arm. Furthermore, the bank was fined £10.5m by Financial Services Authority and expected to pay £29.3m in compensation for mis-selling to 2500 elderly customers.

Laura Willoughby from Move your Money said:

Stuart Gulliver’s leadership has led to two years of utter shame for HSBC. We know a slap on the wrist and a small fine won’t stop HSBC behaving badly.  Neither will shareholders who are profiting from the bank’s reckless activities. HSBC customers need to take a stand and move their money out of the bank.

Make no mistake: the human cost of money laundering is staggering.  HSBC and it’s leadership have blood on their hands, yet they were fined a paltry sum equivalent to less than a fortnight’s profit. It’s as if those in charge see human and economic destruction as nothing more than collateral damage of doing business.”

HSBC Cash Machine

HSBC Cash Machine – FreeFoto.com

The bonus announcement comes just days after the EU voted to cap bankers’ bonuses at twice their annual salary.

This year will also expose the real extent of HSBC’s involvement in LIBOR.  HSBC are being investigated by at least six jurisdictions for potential manipulation of interbank lending and other interest rate markets including UK.  As for the views of the ordinary man and woman on the street, the Which! survey of bank customer satisfaction showed that for 2012, HSBC scored just 58%.

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