HSBC Plans to Phase Out Fixed Executive Pay in Favor of Wall Street-Style Bonuses

According to reports, HSBC Holdings will gradually eliminate fixed salary allowances for executives, shifting to a model where a larger proportion of compensation is paid as bonuses. The London-headquartered bank is moving toward a pay structure more akin to that of Wall Street and plans to begin phasing out the existing fixed-pay system early next year. This move aims to more closely link compensation with performance and is part of CEO Georges Elhedery's ongoing efforts to reform the bank. (Jiemian)