HSBC chairman to appear before Treasury select committee
Top banker Douglas Flint to answer questions on bonuses, business lending
By CFOworld.co.uk | CFO UK | Published 12:45, 01 February 11
Douglas Flint, chairman of HSBC, is due to face the Treasury select committee on Tuesday on questions over bankers’ bonuses and an increase in business lending.
Flint will be followed by chief executive of the Co-Operative Financial Services, Neville Richardson, and Nationwide CEO Graham Beale. They are the latest in the series of bankers to appear before the committee since the beginning of the year, as the influential cross-party committee probes competition in the banking sector.
There has been increasing pressure on UK banks to curb what many see as excessive bonuses for bankers, despite banks' defence that high rewards are needed to retain top performers.
HSBC is one of the four largest banks in the UK, together with Barclays, Lloyds and the Royal Bank of Scotland. The UK government has bailed out Lloyds and the Royal Bank of Scotland as a result of the financial crisis.
Meanwhile chairman of the TSC, Andrew Tyrie MP, called on the head of the Financial Services Authority (FSA) for greater transparency in revealing top bankers pay. Tyrie wrote to the chief executive of the FSA, Hector Sants, on Monday, asking for information on the remuneration of “high end” employees.
“It can provide a measure on the number of highly incentivised employees in our largest and most systematically significant banks,” he wrote, although the requested information would be aggregated to avoid disclosure at company level.
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