HSBC to Award "Little to Zero" Bonuses to Underperforming Staff, Encouraging Departures

HSBC is preparing to award little or no bonuses to underperforming bankers, including managing directors, as it adopts a tougher, performance-driven pay model similar to US rivals. CEO Georges Elhedery's restructuring has led to the closure of several operations and exits of senior executives. The bank's 2024 bonus pool remained flat at $3.8 billion, and investors have responded positively to Elhedery's revamp, with shares nearly doubling since his appointment.