(Bloomberg) -- HSBC Holdings Plc’s Chief Executive Officer Noel Quinn’s total pay nearly doubled to £10.6 million ($13.4 million) in 2023, from £5.56m in 2022.

The overall bonus pool rose by 12% in 2023, bucking a trend of tepid bonuses across the industry amid weak deal flow and job cuts. Payouts rose to $3.77 billion in 2023, the London-based lender said in its annual report on Wednesday. The overall bonus payout represents the highest level since 2013.  

HSBC on Wednesday reported pretax profit rose 78% to $30.3 billion in 2023. The UK lender had signaled in the third quarter it may increase variable pay by $300 million, resulting in higher expenses after a surge in third-quarter earnings.

Quinn’s jump in pay contrasted with about 8% increase in total pay and benefits for the median employee to £63,000. 

The bank’s broader business, spanning wealth and lending has shielded it from the downturn in investment banking amid higher rates. In the previous year, HSBC said payouts were differentiated by business performance and the strongest outcomes were for commercial banking followed by wealth and personal banking. 

Wall Street Bosses Plan Tepid Bonuses for Traders Once Again (2)

In Asia, HSBC’s biggest market, pay for most senior investment bankers at Wall Street firms in Asia dropped to the lowest level in almost two decades, according to people familiar with the matter, as a dearth of deals in China and Hong Kong hammered the industry.

The bank also said it would introduce a new variable pay structure for over 150,000 junior and middle management employees. 

(Adds details on median employee pay in fourth paragraph.)

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