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Loan Protection: HSBC set to double salaries to avoid bonus tax

HSBC is set to double the basic salary of many of its investment bankers in a bid to limit the effect of the impending bonus tax.

The firm, which is Europe's largest bank, will significantly increase the amount staff receive as salary, while also reducing the percentage they are awarded via bonuses.

Workers in its global banking and markets divisions in London, Hong Kong and New York will benefit from the new payment system, as well as other senior staff.

Following the implementation of the new banking bonus regulations, which will cut the amount firms can award staff upfront in cash, staff on improved salaries are expected to take home the same total pay as they did before.

Chuka Umunna, a Labour MP on the Treasury select committee, expressed his belief that the government should do more to cut down on bankers pay.

He said: "This raises further questions, at a time when banks are able to double the basic pay of investment bankers, why the government is seeming to water down the banking levy and also brings into sharper focus the delay in implementing the disclosure of remuneration of bankers."

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800244779-ADNFCR

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