Financial News: Gulliver Earnings Top GBP50M In 5 Years

Stuart Gulliver, chief executive of HSBC's global banking and markets unit,has earned more than GBP50 million in compensation in the five years sincetaking charge of building the business in 2003, despite a reduction in hisoverall pay last year.

The highest-paid employee at HSBC , which a source close to the bank identifiedas Gulliver, received GBP9.95 million in compensation last year, according tothe bank's annual report. The figure was nearly 5% lower than the GBP10.45million he received in 2006.

Gulliver became co-head of HSBC's newly formed corporate, investment bankingand markets division alongside John Studzinski in June 2003, and earned GBP12.65million in compensation that year. He received GBP23.8 million over the next twoyears, before taking sole charge of the division, now called global banking andmarkets, when Studzinski resigned in May 2006.

Last year's compensation brings Gulliver's total compensation since 2003 to GBP56.85 million.

Gulliver, who oversees HSBC's asset management business as well as globalbanking and markets, will also become the bank's largest executive directorshareholder when he joins the main board in May.

He has a beneficial interest in 2,022,961 ordinary shares, according to thebank's board promotion statement today. The shares were worth GBP15.9 million atthe 785-pence price at which HSBC shares were trading in London by 1250 GMTtoday. He also has an interest in more than 1.1 million shares under HSBC's share and restricted share plans.

Gulliver, who has worked for HSBC since 1980, was head of Asia-Pacifictreasury and capital markets from 1996 until 2002, when he was named head ofglobal markets.

HSBC in September 2006 promoted Gulliver to the boards of its four mainoperating subsidiaries globally: HSBC Bank PLC , HSBC USA, HSBC Bank USA and The Hong Kong and Shanghai Banking Corporation .

Web site: http://www.efinancialnews.com

(END) Dow Jones Newswires 03-03-08 0910ET Copyright (c) 2008 Dow Jones & Company, Inc.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER