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HSBC to scrap pay rise for CEO

Wed, 24th Feb 2010 09:30

HSBC, Britain's biggest bank, is expected to scrap a pay rise of almost 40% for its chief executive Michael Geoghegan following shareholder protests.The board will make a final decision on Friday, before HSBC publishes 2009 results on Monday, according to press reports.It is understood that the bank will give in to shareholder pressure an abandon the planned 36% increase in the basic pay of Geoghegan and other top executives.Geoghegan, who is based in Hong Kong, could also come under pressure to waive his bonus following similar moves by executives at other major banks.On Monday, Lloyds Banking boss Eric Daniels bowed to public pressure and waived his right to a bonus this year, while the head of rival Royal Bank of Scotland also rejected a £1.6m reward. John Varley, the chief executive of Barclays and Bob Diamond, head of the group's investment banking division, last week chose to forgo bonuses for the second year in succession as the bank declared a 'strong' set of results for 2009.

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