Andrew Tyrie MP closes the session.
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February 6, 2013
UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
February 6, 2013
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Tyrie MP asks Flint is “people who earn your kind of salary have a sense of duty of giving back to society”
Flint and Gulliver said “yes, I can see why people would ask that.”
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February 6, 2013
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Flint:
We need to find a way to identify problems, such as the mis-selling of interest rate swaps, to stop these problems rather than paying compensation or tackling years later
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February 6, 2013
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Flint on risk management:
I do think the weaknesses in the banking crisis was the over reliance on models, whether in algo trading, the risk models, the ratings agencies. If the mathematics were weak, then the models used would be damaging.
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February 6, 2013
(Photo: Parliament TV)
UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
February 6, 2013
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Gulliver defends pay for staff:
We have always been at the lowest end of payout ratios. Our code staff get paid about 50% of what RBS or Barclays gets paid. We pay the minimum we can get and retain talent. Shareholders voted 86% in favour of this structure. We do not inflate pay.
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February 6, 2013
UK Bank Standards, Bonuses and Scandals: HSBC Chiefs Give Evidence to MPs Live
MPs asking about the “ethics” behind algo trading .... Are banks becoming IT companies rather than banking experts?
February 6, 2013
Stuart Gulliver, CEO at HSBC (Photo: Parliament TV)
Gulliver:
Yes, we have effectively put together filters to monitor our culture and structure. We have sold a number of businesses to cut down on risk, such as sub prime credit cards in Argentina which does not have a common platform for us to manage
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