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HSBC to announce bonuses totalling $5.1 billion: Report

Published on Feb 22, 2014 10:16 PM

LONDON (REUTERS) - HSBC will announce staff bonuses totalling just under 2.4 billion pounds (S$5.1 billion) globally for 2013 and is expected to report a significant rise in pretax profit, Sky News reported on its website on Saturday without citing its sources.

Europe's biggest bank is expected on Monday to announce the size of its bonus pool, a sensitive issue as many Britons still blame banks for the 2008 financial crisis after which the state was forced to bail out RBS and Lloyds.

Earlier this month Barclays prompted an angry reaction from politicians and labour unions after it increased its bonuses by 13 per cent to 2.4 billion pounds even as it announced plans to axe 12,000 jobs.

Sky quoted an unnamed source saying the rise in variable pay at HSBC would be smaller than its likely increase in earnings.

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