HSBC bankers to share $3.9bn bonus pot, the highest in more than a decade
Bankers at HSBC are to share a bonus pot worth $3,9bn (£2,9bn), the highest in more than a decade, after Europe’s largest lender reported better-than-expected annual results,The bonus pool for staff is 10% higher than a year earlier and the bank said it had determined it “based on a review of our performance against financial and non-financial metrics”, while the bank’s chief executive’s pay also rose,Georges Elhedery, who took over as the CEO in 2024, signalled that his sweeping turnaround of the lender was drawing to a close.
Elhedery said the London-headquartered bank, which makes most of its profits in Asia, was “becoming a simple, more agile, focused bank built for a fast-changing world”.Elhedery received a total pay package of £14.4m for 2025, a 9% increase from £13.2m a year earlier.HSBC’s pre-tax profit slipped by 7% to $29.
9bn in 2025, although this was $1bn higher than forecast by City analysts and followed on from an unusually strong 2024.The bank faced $4.9bn in one-off charges last year.Its London-listed shares rose by 5% during morning trading on Wednesday.Elhedery, a HSBC veteran, announced an overhaul of the bank when he took the reins and looked to save $1.
5bn in costs,The bank said on Wednesday it was on track to achieve the savings six months earlier than planned,Elhedery has shaken up the lender by reorganising operating divisions along east-west lines, shedding smaller investment banking units in the US and Europe, and slashing the ranks of senior managers,Those efforts helped its London-listed stock soar by 50% in 2025 and it has climbed another 10% in the year to date to give the bank a market value of about $300bn,HSBC took its subsidiary Hang Seng Bank private in a $13.
7bn deal last year.It said on Wednesday that their combined banking operations would target $900m in pre-tax revenue and cost synergies by the end of 2028, but there would also be $600m in restructuring costs.HSBC said it was raising its target for return on tangible equity, a key measure of profitability for banks, to “17% or better” through 2028, up from its “mid-teens” target set for the three years through 2027.Last year it came in at 13.3%.
Charges incurred last year included a $2.1bn write-off related to its holdings in China’s Bank of Communications, which had been hurt in part by the long downturn in China’s property sector.That led to pre-tax profit for its mainland China business tumbling 66% to $1.1bn.The bank also logged legal provisions worth $1.
4bn as well as $1bn of restructuring and related costs,The bank said it would pay a final dividend of 45 cents a share, adding to 30 cents granted earlier in the year,That is below the 87 cents paid in total for 2024,Analysts at Jefferies said investors were likely to welcome the strong results but may question its forecast of just a 1% rise in costs for 2026 given the competitive environment and need to invest in AI technology,In December, HSBC appointed the former KPMG partner Brendan Nelson as its chair after a prolonged search process that had left it without a permanent executive in the top role for months.
Reuters contributed to this report
Do you really need to chill cookie dough? | Kitchen Aide
Does chilling cookie dough really make for a better result?Emily, by email “It all depends on what kind of cookie it is,” says Guardian baker Helen Goh. “Let’s say it’s a cookie that you need to stamp out – the dough needs to be firm enough to roll it, but not so firm that you can’t.” That said, the question of whether to fridge or not to fridge is probably most prevalent in the chocolate chip cookie sphere. “There’s a perceived wisdom that chilling helps the dough develop the flavour and caramelisation,” Goh says, “but, to be honest, it also makes the dough a little easier to roll and ensures it bakes evenly, which is worth far more than that slight improvement in flavour.”Recommended chilling times vary from 30 minutes to overnight, although Goh finds the latter results in a “cakey” cookie: “I’m a real Goldilocks, so I like crisp at the edges with a chewy centre
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‘Tinderbox’ UK may be one shock away from food riots, experts say
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Georgina Hayden’s quick and easy recipe for roast butternut squash, halloumi and avocado tacos | Quick and easy
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