HSBC, Standard Chartered to slash bonus payouts

  • 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.

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