From a corner conference room overlooking the Thames, Michael Sherwood, a vice chairman of Goldman Sachs Group Inc., has the guts to voice publicly what many in London’s centuries-old financial district are increasingly worried about behind closed doors: that threats to Britain’s membership in the European Union are threats to British business.
Societe Generale SA, France’s second-largest lender by market value, became the first among Europe’s leading investment banks to formally seek shareholder permission to pay bonuses amounting to twice bankers’ salaries.
HSBC Holdings Plc, Europe’s largest bank, posted full-year profit that missed analyst estimates as a cost-cutting drive fell short of targets and revenue shrank. The stock slumped in Hong Kong and London.
HSBC Holdings Plc became the first U.K. lender to reveal its plans to sidestep European Union caps on bonus payments for more than 600 senior managers as it awarded Chief Executive Officer Stuart Gulliver 8 million pounds ($13.3 million) in compensation.
HSBC Holdings Plc, Europe’s largest lender, said full-year earnings at its private bank dropped 81 percent as customers pulled money from its Swiss cross-border business and the firm made provisions for regulatory probes.
As the credit crisis mounted in 2008, Stuart Gulliver moved from his executive office on the 42nd story of HSBC Holdings Plc ’s London office to the trading floor on the fourth so he could oversee his employees directly.
HSBC Holdings Plc , Europe’s biggest bank, will cut jobs and close offices to reduce costs by about a tenth over the next two years as it expands in faster-growing economies and prepares for stricter capital rules.