HSBC, Standard Chartered to slash bonus payouts
March 4 , 2013
HSBC and Standard Chartered are expected to report a decrease in their bonus pools following separate settlements with U.S. authorities over money laundering and sanctions violations.
HSBC's bonuses will fall to about $3 billion from $4.2 billion paid out last year.
Standard Chartered’s bonus pool will drop to $1.4 billion from $1.54 billion in 2011.
In December, HSBC agreed to pay U.S. authorities $1.92 billion to settle a probe into money laundering for drug cartels.
That same month, Standard Chartered agreed to pay $327 million over allegations that it violated U.S. sanctions against Iran, Sudan and two other countries.
Explore some quick facts about US through US Fast Facts