LONDON (REUTERS) - Top executives at British lenders HSBC, Standard Chartered and NatWest said on Wednesday they would take salary cuts after pressure on bankers to show solidarity with customers struggling to make ends meet during the coronavirus crisis.. Read more at straitstimes.com.
LONDON - Top executives at British lenders HSBC, Standard Chartered and NatWest said on Wednesday they would take salary cuts after pressure on bankers to show solidarity with customers struggling to make ends meet during the coronavirus crisis.
HSBC chairman Mark Tucker will also donate his entire director's fee for 2020, amounting to £1.5 million according to the bank's annual report. The CEO and the chairman of NatWest, formerly known as Royal Bank of Scotland , have taken a 25 per cent cut in salaries for the rest of the year. Alison Rose, who became CEO last year, also told the board she does not want to be considered for up to £1.9 million worth of bonuses this year, the state-backed bank said.
The Bank of England piled pressure on banks last week by requesting all major lenders scrap cash bonus payments to executives and risk takers, as part of efforts to conserve capital that also included ditching dividends.
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