British Bank CEOs Drop Bonuses Amid Pandemic
April 09 2020 - 8:32AM
Dow Jones News
By Simon Clark
Chief executives of some of the U.K.'s largest banks said they
will forgo bonuses this year and pledged donations to help fight
the coronavirus pandemic.
The Bank of England said last week it expected banks not to pay
cash bonuses to senior staff during the crisis. HSBC Holdings PLC,
Barclays PLC, Lloyds Banking Group PLC, Royal Bank of Scotland
Group PLC and Standard Chartered PLC said their chief executives
will renounce bonuses this year.
HSBC CEO Noel Quinn will donate a quarter of his salary for the
next six months to charities supporting healthcare workers and the
vulnerable in the U.K. and Hong Kong. Barclays CEO Jes Staley will
donate a third of his salary for the next six months to charities.
RBS CEO Alison Rose will donate a quarter of her salary for the
rest of this year, while Standard Chartered said its CEO Bill
Winters will make a "significant" donation.
"We understand the strain this pandemic is putting on households
and businesses and we are deeply committed to supporting our
customers as best we can," Mr. Quinn said in a note to HSBC
employees reviewed by The Wall Street Journal.
Write to Simon Clark at simon.clark@wsj.com.
(END) Dow Jones Newswires
April 09, 2020 08:17 ET (12:17 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Barclays (NYSE:BCS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Sep 2023 to Sep 2024