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Chancellor Rachel Reeves has summoned the leaders of major UK banks, including Barclays, HSBC, Lloyds, NatWest, and Nationwide, for discussions on the government's economic growth agenda. The meeting, set for Wednesday, will focus on Labour's financial services growth strategy, a key component of the broader industrial strategy being developed by ministers.
Chancellor Rachel Reeves is convening leaders from major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth agenda, focusing on financial services and the mortgage market. This meeting coincides with the banks' full-year results reporting season and follows a recent downgrade of the UK's growth forecast by the Bank of England. Key topics are expected to include mortgage lending, housing market stability, and financial services innovation, amid concerns over existing mortgage lending restrictions and their impact on financial stability.
Chancellor Rachel Reeves has summoned the CEOs of major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth strategy. The meeting aims to gather fresh ideas to stimulate the economy amid recent growth forecast downgrades and pressures for potential tax increases. As banks prepare to report their full-year results, Reeves is focused on removing barriers to growth set by economic regulators.
HSBC has appointed Julian Wentzel as Group Chief Sustainability Officer, a role he has been filling on an interim basis since November. Wentzel, who joined HSBC in 2015 and previously led global banking in the Middle East, will now report to CFO Pam Kaur, raising concerns among climate activists about the bank's sustainability priorities. This change comes amid broader management restructuring at HSBC under CEO Georges Elhedery.
HSBC Holdings is contemplating a significant change to the compensation package of its new CEO, Georges Elhedery, potentially halving his fixed pay to align with new UK regulations that favor variable performance awards. Currently, Elhedery’s total package could reach £10.6 million, but under the proposed plan, it may rise to £15 million, with a greater emphasis on bonuses linked to performance. The bank aims to ensure that executive pay outcomes are closely tied to performance and shareholder interests, with details to be revealed in its year-end results on February 19.
HSBC is negotiating a pay package for CEO Georges Elhedery that could reach £15mn, following his appointment and a major cost-cutting initiative. His fixed salary would be halved, while performance-related pay could increase significantly. This potential package surpasses the £10.6mn received by his predecessor, Noel Quinn, in 2023. As part of the restructuring, HSBC plans significant job cuts and has seen the departure of Christina Ma, head of global banking for Asia Pacific, after less than two years.
HSBC is contemplating a significant reduction in the fixed pay of its new CEO, Georges Elhedery, following changes in UK regulations that permit a greater share of compensation to be linked to performance. Currently, Elhedery earns a base salary of £1.38 million, supplemented by a fixed pay allowance of £1.7 million, alongside potential performance-based incentives that could significantly increase his total remuneration.
Christina Ma, HSBC's head of global banking for Asia Pacific, is leaving the bank after 2.5 years amid a restructuring aimed at cost reduction. Her departure follows HSBC's decision to merge its commercial and global banking divisions and cut investment banking operations in Europe, the UK, and the Americas. The bank is exploring plans to reduce costs by at least $3 billion.
Georges Elhedery, HSBC's new CEO, is restructuring the bank by exiting M&A advisory and equity capital markets in Europe and North America to focus on profitable Asian franchises. This shift aims to address long-standing internal tensions and clarify the bank's global versus regional identity, while navigating the complexities of value generation in investment banking. The challenge lies in making decisive changes that have been avoided for decades, as HSBC remains a large and complicated institution.
European banks are facing significant job cuts as they grapple with stagnant growth and increased competition from US counterparts. Deutsche Bank and HSBC are leading the charge, with plans to reduce headcount and restructure operations, while some banks like BNP Paribas and Barclays are considering bonus increases for their investment bankers. The ongoing challenges highlight a stark contrast in profitability and strategy between European and American financial institutions.
Georges Elhedery
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chancellor meets bank leaders to discuss economic growth strategy
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01:59 10.02.2025
chancellor engages banking leaders to discuss economic growth strategies
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01:02 10.02.2025
chancellor meets bank leaders to discuss economic growth strategies
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european banks announce significant job cuts amid challenging economic conditions
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