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Story perspectives

HSBC Boosts 2024 Bonus Pool Amid Workforce Cuts

2/19/2025

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Summary

Story summary

HSBC's 2024 bonus pool is set at $3.80 billion, a modest increase from $3.77 billion in 2023, despite reducing its workforce to 220,928 employees.
The bank plans to achieve $300 million in savings by 2025 and $1.5 billion by 2026 through cost-cutting measures.
HSBC continues to prioritize its operations in Asia, the primary source of its profits, while restructuring for improved efficiency.

History

Historical Context

HSBC's recent bonus pool increase reflects a historical trend of banks prioritizing executive compensation despite workforce reductions. This echoes the 2008 financial crisis, where banks like RBS faced public backlash for bonuses amid bailouts. Such patterns reveal persistent tensions between profitability and public accountability in banking.

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Story summary

HSBC's 2024 bonus pool is set at $3.80 billion, a modest increase from $3.77 billion in 2023, despite reducing its workforce to 220,928 employees.
The bank plans to achieve $300 million in savings by 2025 and $1.5 billion by 2026 through cost-cutting measures.
HSBC continues to prioritize its operations in Asia, the primary source of its profits, while restructuring for improved efficiency.

1 / 2