HSBC boss’s £3m bonanza – AFTER leaving his job
Gulliver carries on coining it in during a ‘golden farewell’ He had already been paid £51m in top post at bank
FORMER HSBC boss Stuart Gulliver will be paid £2.6million by the bank and could also pick up a £1million bonus for working on ‘key strategic projects’ this year, even though he is no longer chief executive.
The fees offered to him mean Gulliver continues on his previous pay and that HSBC is effectively paying two chief executive salaries until he retires in October. New boss John Flint is set to pick up a similar amount.
Gulliver, 58, is also entitled to medical cover and other unspecified benefits for seven years following his retirement.
The medical benefit is also being provided to retiring chairman Douglas Flint, who is no relation to the new chief. Gulliver stepped down as chief executive at the time of the bank’s February results, but does not retire until next October. The bank’s annual report spells out that he will receive his annual £1.25 million salary for eight months, a £1.7 million share allowance and a cash allowance of £375,000 in lieu of pension payments.
It says he will be ‘working on key strategic projects and supporting the smooth transition of the group chief executive role to John Flint’.
Gulliver, who has worked at the bank for 38 years, had already earned £51million as HSBC chief executive since taking the helm in 2011.
Douglas Flint, who stepped down from the board in September 2017, received a further £1million from the bank following his retirement, the annual report revealed.
This comprised £500,000 in salary and benefits up until the end of December, when his employment officially ended, and a further £500,000 for unused holiday and for the first few months of 2018.
The bank declined to comment.