HSBC Holdings paid one of its bankers more than 9.9 million pounds ($19.7 million) in 2007, just below the previous year’s high-end salary, the bank’s annual report showed today. Europe’s largest bank also reported a $17-billion hit on its exposure in the subprime market meltdown but still managed record net profits.
HSBC Chairman Stephen Green and Chief Executive Michael Geoghegan both broke the 3 million pound barrier, earning just over 3 million and 3.5 million pounds respectively last year in salary, benefit and bonuses — up from 2.9 million each in 2006, according to Reuters.
Green moved up from CEO in May 2006, when Geoghegan was promoted from head of U.K. banking.