HSBC had planned to hit net zero targets for its own operations – arguably a much easier goal than cutting the emissions of its loan portfolio and client base – by 2030. However, those plans, which were set in 2020, are being pushed out by two decades to 2050.
HSBC is also proposing to water down environmental targets in [the CEO] Elhedery’s new pay package, including a long-term incentive plan (LTI) worth up to £9m, or 600% of the his base salary. It is part of a wider pay proposal that will give Elhedery a chance to earn up to £15m a year, a 43% increase on his current potential pay of up to £10.5m.
HSBC [also] confirmed the scale of its cost-cutting drive, with plans to cut $1.5bn (£1.2bn) from its annual costs by the end of 2026, including through an unconfirmed number of job losses across its 220,928 international workforce. Pre-tax profits for 2024 rose 6.6% to $32.3bn.