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Bank charges: HSBC to hand out £1.2bn in bonuses this year

HSBC is to hand out around £1.2 billion in bonuses to its bankers this year, it has been revealed.

The bank chairman, Douglas Flint, told the Treasury Select Committee that he was happy to reveal the figure.

He said: "We have not yet determined how much it is going to be this year but it's around two billion [dollars].

"We should remember that the bonus pot is there to incentivise people to deliver against the objectives they were set at the beginning of the year, not just about profit."

Mr Flint also revealed that he would be happy to give details about employees who receive over £1 million in bonuses, but only if other banks did as well.

Other firms are now in the process of working out how much to pay their staff in bonuses in the coming weeks.

Along with the revelation over bonuses, Mr Flint told how the bank had spent around £93 million in hiking the base salaries of HSBC's investment bankers.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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