HSBC cut bonuses to its top investment bankers by 11% last year, but nearly doubled redundancy payouts for executives in the unit as the UK lender reshaped its business with deep job cuts.
The bank paid out $611.6m to 541 senior investment bankers known as material risk takers, a top group of employees who influence the risk profile of the bank. The Bank of England has told UK lenders to show restrain on bonus payments for its senior staff this year as the Covid-19 crisis has hit the economy.
