LONDON, Aug 13 (Reuters) - HSBC awarded sharesworth 7.1 million pounds ($11.9 million) to 15 executives undernew role-based pay awards it brought in after Europeanregulators capped bonuses for staff.
HSBC, Europe's biggest bank, awarded shares worth about 1.5million pounds to Samir Assaf, the head of its investment bank,under the awards made on Aug. 11, which was disclosed in aregulatory filing. Chief Executive Stuart Gulliver was awardedshares worth 850,000 pounds.
Other banks are also giving staff allowances after beingforced to limit cash bonuses to no more than twice fixed pay byEurope's regulator, in an attempt to limit risk-taking by staff.
HSBC said 80 percent of the shares awarded need to beretained until 2020 and the remaining 20 percent need to be keptuntil March 2015.
Royal Bank of Scotland, which is 81 percent owned bythe taxpayer and remains under heavy public scrutiny over itspay, on Monday said it had awarded 10 executives role-basedawards worth 3.5 million pounds. ($1 = 0.5951 British Pounds) (Reporting by Steve Slater, editing by William Hardy)
HSBC Holdings (HSBA)