HSBC takes a hard stance on excessive pay

HSBC on Tuesday declared “income inequality” has become a problem — it leads people to think the world isn’t fair.

The bank made its own small effort to correct this injustice, cutting the pay of its top executives.

The remuneration committee, led by ex-Centrica boss Sam Laidlaw — not noted as a campaigner for lower executive pay — cut the pay of the top four bosses.

A note in the accounts said: “To attract and retain talent, remuneration at HSBC must be competitive. However, we place a strong emphasis on linking pay to performance.”

No shares were awarded for performance in 2016. Gulliver (pictured) got a £263,000 allowance for living in Hong Kong and £64,000 for a car.

He has more than three million shares.

HSBC is under pressure to improve anti-money laundering controls. Gulliver said: “By the end of this year, we are on track to have our anti-money laundering policy in place.”