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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

HSBC urges investors to back AGM vote opening way to higher bonuses

HSBC AGM United Kingdom European Union London The Bank of England
HSBC’s building in Canary Wharf behind a City of London sign outside Billingsgate market
An AGM note claimed HSBC would benefit from the ‘flexibility’ of weighting payouts more heavily towards bonuses rather than fixed salaries. Photograph: Hannah McKay/Reuters

HSBC is urging shareholders to back a vote at its annual meeting that would open the door to bigger bonuses for its highest-earning bankers.

The London-headquartered lender wants to take advantage of the UK’s decision to scrap the banker bonus cap, which was introduced after the 2008 financial crisis and limited bonuses at twice an individual’s base salary.

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