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UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
Andrew Tyrie MP closes the session. Thank you for joining IBTimes UK
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
Tyrie MP asks Flint is "people who earn your kind of salary have a sense of duty of giving back to society" Flint and Gulliver said "yes, I can see why people would ask that."
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
Flint: We need to find a way to identify problems, such as the mis-selling of interest rate swaps, to stop these problems rather than paying compensation or tackling years later
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
Flint: I do think there is an aspect of professionalism in some industries where you are taught ethics as part of your job, such as law and medics. Banks use to have this, but not anymore
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
MPs suggesting that HSBC can only motivate staff by "cash", deferred or otherwise and compare them to doctors and teachers. Flint: The vast majority of our staff are on average or below average earnings.
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
Gulliver defends pay for staff: We have always been at the lowest end of payout ratios. Our code staff get paid about 50% of what RBS or Barclays gets paid. We pay the minimum we can get and retain talent. Shareholders voted 86% in favour of this structure. We do not inflate pay.
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
Pat McFadden MP asks about pay structure at HSBC and how it is "weird". He adds, "I am not convinced your pay structure promotes a good culture"
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
MPs asking about the "ethics" behind algo trading .... Are banks becoming IT companies rather than banking experts?
http://live.ibtimes.co.uk/Event/UK_Bank_Standards_Bonuses_and_Scandals_HSBC_Chiefs_Give_Evidence_to_MPs
