Investment Banking

HSBC plans ‘phased’ bonuses as it focuses on costs

The UK lender is looking to spread out the cost of bankers’ rewards

An increase in expenses during the first half of 2024 was partly down to changes in performance-related-pay accrual, incoming CEO says
An increase in expenses during the first half of 2024 was partly down to changes in performance-related-pay accrual, incoming CEO says Photo: Chan Long Hei/Getty Images

HSBC is booking more of its bonus expenses earlier in the year in a ‘phased’ approach to performance-related pay as it looks to keep a tighter lid on costs.

The UK lender has accrued more in compensation costs in the first half of 2024 as it tries to hit more onerous expense targets, incoming chief executive Georges Elhedery told journalists in its first-half earnings call.

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