HSBC to hand new chief Elhedery £15m maximum pay deal HSBC Holdings is to hand its new chief executive a pay package potentially worth more than £15m as part of an overhaul of its bosses' remuneration triggered by the government's scrapping of the EU bonus cap.
When he was named as Noel Quinn's successor last July, HSBC said he would receive a base salary of £1.38m, a £1.7m fixed pay allowance, a maximum annual bonus opportunity of roughly £3m and a maximum long-term share award of close to £4.5m.
City sources said the proposals would see Mr Elhedery's fixed pay roughly halved, but with significantly more generous maximum variable pay awards.
Mr Elhedery took up the role of HSBC CEO in September, since when he has announced a sweeping overhaul of the bank's operations, reorganising it along geographically distinct lines, a move which raised questions about the future of parts of its sprawling international empire.
Investors said they have been briefed that Mr Elhedery's new package would scrap the fixed pay allowance altogether but incorporate higher multiples of bonus and long-term share awards.
