HSBC staff in AGM 'peanuts' protest

AROUND 1,000 staff at HSBC staged a one-day strike over pay today, a dispute Sir John Bond described as 'deeply regrettable'.

Carrying red flags and handing out peanuts to reflect what they say is 'derisory' pay, more than 100 HSBC workers chanted loudly as shareholders arrived for the bank's annual meeting at the Barbican.

One HSBC staff member said: 'They are treating unions and staff at the moment with total contempt. I have gone beyond anger.'

Derek Young of banks union Amicus told Bond his £3.5m salary was 'obscene'. He said: 'Whatever you have done must have been absolutely marvellous. I don't even think Superman would deserve that.'

An HSBC spokesman said about 2% of the bank's 55,000 UK workforce were on strike, and claimed operations were unaffected by the action.

Amicus alleged that 10% of staff will receive no pay rise this year and a further 45% will be given an increase below the rate of inflation. But Bond insisted only 1% will receive nothing, and most of them because of 'unsatisfactory performance'.

'We recognise the right of employees to take strike action. However, it is deeply regrettable that 4% of our staff would vote for action to disrupt customer service and potentially damage our business,' Bond said.

He added there had been a 'noticeable and marked, but manageable' increase in bad debts, but first-quarter earnings remained on track.