Can’t understand why anyone there would deserve a bonus, but if HSBC want to waste their money let them do it
Seems fair.
Probably because most companies pay their contractually agreed bonuses to their staff around the beginning of the year?
There’ll be a lot back office, operational staff – doing mundane admin, keeping-the-lights-on type of work – who aren’t paid anywhere near what execs are, included in this. I dare say a lot of them will be made redundant very soon, as HSBC takes over. I don’t begrudge those people getting a bonus.
That said, the only bonus the execs deserve is a kick up the arse.
I remember when RBS bought ABN Amro which contributed to RHS failing. They hadn’t done their due diligence on the purchase. The bank I worked for (3rd party) was responsible for paying out the ABN Amro staff bonuses which were in the millions. Never forgot how ridiculous it was that here we were, processing these huge bonuses for staff of a failed bank which was contributing directly to a crash. The staff got half up front then the other half if they stayed a couple years. Eg a couple mill up front then another 2 or 3 mill later down the line.
And it was the taxpayer who was bailing RBS out.
This is just the beginning. There’s a bank failure coming and it’ll be bailed out in stealth.
This part of the bank was making profit. It was bought by HSBC, it was not bailed out in the way the headline suggests.
I couldn’t give less of a fuck what a private company pays its employees, as long as it’s above minimum wage.
So only a few weeks ago Fishy Sunak decides bankers should be allowed uncapped bonuses!
And then we get SVB & Credit Suisse on the rocks and possible collapse!
This isn’t taxpayer’s money, this is shareholder’s money, so I say go to town!
I would love to know what the justification for this is, although I suspect it’s just about retaining staff to keep the business viable.
Such a non-story – profitable bank pays bonus after being bought by new owners to ensure its liquidity following its previous owner’s financial difficulties. 🤷
Didn’t even get any taxpayer funding.
Unpaid wages is one of the few things that can pierce the veil as far as corporate liability goes.
Contractual bonuses whether they are part of the employment contract or discretionary which had their bonus letters issued would have to be paid.
Unpaid wages (as well as unpaid tax) is considered preferential debt in the UK as well, and it takes priority over paying up other creditors in case of an insolvency or bankruptcy procedures, it also cannot be written off.
SVB are also publicly touting themselves in the USA as “Your deposits couldnt be safer here because of government intervention”
They are actively using it to get new customers
These financial elite are so utterly shameless it’s almost beyond comprehension.
13 comments
Can’t understand why anyone there would deserve a bonus, but if HSBC want to waste their money let them do it
Seems fair.
Probably because most companies pay their contractually agreed bonuses to their staff around the beginning of the year?
There’ll be a lot back office, operational staff – doing mundane admin, keeping-the-lights-on type of work – who aren’t paid anywhere near what execs are, included in this. I dare say a lot of them will be made redundant very soon, as HSBC takes over. I don’t begrudge those people getting a bonus.
That said, the only bonus the execs deserve is a kick up the arse.
I remember when RBS bought ABN Amro which contributed to RHS failing. They hadn’t done their due diligence on the purchase. The bank I worked for (3rd party) was responsible for paying out the ABN Amro staff bonuses which were in the millions. Never forgot how ridiculous it was that here we were, processing these huge bonuses for staff of a failed bank which was contributing directly to a crash. The staff got half up front then the other half if they stayed a couple years. Eg a couple mill up front then another 2 or 3 mill later down the line.
And it was the taxpayer who was bailing RBS out.
This is just the beginning. There’s a bank failure coming and it’ll be bailed out in stealth.
This part of the bank was making profit. It was bought by HSBC, it was not bailed out in the way the headline suggests.
I couldn’t give less of a fuck what a private company pays its employees, as long as it’s above minimum wage.
So only a few weeks ago Fishy Sunak decides bankers should be allowed uncapped bonuses!
And then we get SVB & Credit Suisse on the rocks and possible collapse!
This isn’t taxpayer’s money, this is shareholder’s money, so I say go to town!
I would love to know what the justification for this is, although I suspect it’s just about retaining staff to keep the business viable.
Such a non-story – profitable bank pays bonus after being bought by new owners to ensure its liquidity following its previous owner’s financial difficulties. 🤷
Didn’t even get any taxpayer funding.
Unpaid wages is one of the few things that can pierce the veil as far as corporate liability goes.
Contractual bonuses whether they are part of the employment contract or discretionary which had their bonus letters issued would have to be paid.
Unpaid wages (as well as unpaid tax) is considered preferential debt in the UK as well, and it takes priority over paying up other creditors in case of an insolvency or bankruptcy procedures, it also cannot be written off.
SVB are also publicly touting themselves in the USA as “Your deposits couldnt be safer here because of government intervention”
They are actively using it to get new customers
These financial elite are so utterly shameless it’s almost beyond comprehension.