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HSBC bonus payout shows 'culture of entitlement' is alive and well in the City, says TUC

Responding to the news recently (Monday) that the head of HSBC is to be given a bonus of £2million just days after the chief executive of Lloyds was awarded a bonus of £1.5m, TUC General Secretary Frances O'Grady said:

'The culture of entitlement is alive and well in the City. At a time when real wages are falling for the vast majority of people, the banking sector is continuing to hand out huge bonuses as if they were pocket change.

'The government should be following the example of Switzerland and making a concerted effort to curb executive pay. However, George Osborne seems intent on preserving the status quo by refusing to accept the case for wide-ranging reform.'

NOTES TO EDITORS:

- All TUC press releases can be found at www.tuc.org.uk

- Follow the TUC on Twitter: @tucnews

Contacts:

Media enquiries:

Liz Chinchen T: 020 7467 1248 M: 07778 158175 E:
media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk

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