British Bank CEOs Drop Bonuses Amid Pandemic

By Simon Clark

Chief executives of some of the U.K.'s largest banks said they will forgo bonuses this year and pledged donations to help fight the coronavirus pandemic.

The Bank of England said last week it expected banks not to pay cash bonuses to senior staff during the crisis. HSBC Holdings PLC, Barclays PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC and Standard Chartered PLC said their chief executives will renounce bonuses this year.

HSBC CEO Noel Quinn will donate a quarter of his salary for the next six months to charities supporting healthcare workers and the vulnerable in the U.K. and Hong Kong. Barclays CEO Jes Staley will donate a third of his salary for the next six months to charities. RBS CEO Alison Rose will donate a quarter of her salary for the rest of this year, while Standard Chartered said its CEO Bill Winters will make a "significant" donation.

"We understand the strain this pandemic is putting on households and businesses and we are deeply committed to supporting our customers as best we can," Mr. Quinn said in a note to HSBC employees reviewed by The Wall Street Journal.

Write to Simon Clark at [e-mail].

(END) Dow Jones Newswires

April 09, 2020 08:17 ET (12:17 GMT)

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