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HSBC awards $12 mln in shares under pay "allowances"
August 13, 2014 / 8:48 AM / 3 years ago

HSBC awards $12 mln in shares under pay "allowances"

LONDON, Aug 13 (Reuters) - HSBC awarded shares worth 7.1 million pounds ($11.9 million) to 15 executives under new role-based pay awards it brought in after European regulators capped bonuses for staff.

HSBC, Europe’s biggest bank, awarded shares worth about 1.5 million pounds to Samir Assaf, the head of its investment bank, under the awards made on Aug. 11, which was disclosed in a regulatory filing. Chief Executive Stuart Gulliver was awarded shares worth 850,000 pounds.

Other banks are also giving staff allowances after being forced to limit cash bonuses to no more than twice fixed pay by Europe’s regulator, in an attempt to limit risk-taking by staff.

HSBC said 80 percent of the shares awarded need to be retained until 2020 and the remaining 20 percent need to be kept until March 2015.

Royal Bank of Scotland, which is 81 percent owned by the taxpayer and remains under heavy public scrutiny over its pay, on Monday said it had awarded 10 executives role-based awards worth 3.5 million pounds. ($1 = 0.5951 British Pounds) (Reporting by Steve Slater, editing by William Hardy)

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