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You're browsing: HSBC News » Subprime » Article Title: Like AIG the HSBC shareholders want bonuses repaid, no reward for failure
20
Mar
Like AIG the HSBC shareholders want bonuses repaid, no reward for failure
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Like AIG, angry shareholders yesterday criticised HSBC’s ill-timed purchase of a US sub-prime lending business and demanded directors repay past bonuses but still gave their backing to a £12.5bn fundraising.

Disgruntled HSBC shareholders yesterday focused their discontent on the company’s £8bn purchase of US consumer finance business Household Finance Corporation (HFC) six years.

It sounds like AIG all over again. One shareholder demanded the company’s chairman, chief executive and finance director to hand back previous bonuses: “We are paying you for failure. Will you kindly pay those bonuses back.”

Not too many months ago the Chairman and CEO of HSBC were talking about bonuses, and how they were too high. It seems talk was cheap, and perhaps few believed it anyway. It appears as though shareholders certainly didn’t.

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