Will bankers turn against bankers?
Today brings the news, distressing to some quarters, that HSBC is paying its chief executive Stuart Gulliver £7.2 million — making him the highest-paid banker in the UK for the financial year so far. The remuneration comes on the back of a 28 per cent jump in full-year profits, which means HSBC has bucked the dismal trend of other British banks.
Still, as you might expect, it’s the buoyant figures denoting Gulliver’s pay — and those of the top 170 members of staff — that are making the headlines, withcalls for HSBC to explain itself. This is part of the regular drumbeat against financial ‘fat cats’ that’s been going on for months, so in that sense it’s nothing new. But as this continues one wonders if a new development will emerge: will bankers get disgruntled with fellow bankers? (Continue reading)