LONDON Jan 7 HSBC is planning to hand
new share awards to about 1,000 of its top staff as part of a
plan to cope with new European rules that cap the level of
bonuses that banks can pay, an industry source said on Tuesday.
The plan, which has not been finalised, would have the
characteristics of variable pay but qualify as fixed pay,
helping Europe's biggest bank meet the new rules.
Sky News, which first reported the plan, said the payments
would be in quarterly instalments and staff would need to keep
them for five years.
HSBC declined to comment.
Many banks are restructuring pay after EU rules came into
force this month that will cap variable pay at twice an
employee's fixed salary. Barclays is planning to pay
staff in specific risk-taking roles an additional monthly
payment, and other banks are expected to follow with similar