The pay of HSBC’s chief executive has reached nearly £8m. Those who thing to yawning inequality are helplessWitty Robin Hood financial tax campaigners were demonstrating outside HSBC’s AGM on Friday. As shareholders queued outside the Westminster venue,protesters dressed as pin-striped rotund cats laundered fake £50 notes in a washing-up bowl with giant scrubbing brushes, a visual reminder of what the bank got up to.
HSBC has been fined £1.2bn for laundering Mexican drug money, and with its annual accounts setting aside £773m to cover ongoing tax investigations. PIRC,the pensions and investments research consultants who rate company performance on behalf of shareholders, noted HSBCs 62% drop in profits last year, and the bank has closed 62 UK branches and shifted 1000 jobs to Paris due to Brexit. The Financial Conduct Authority rates HSBC as the moment-worst bank for customer complaints approximately banking,credit cards and mortgages. Related: Martin Sorrell and the sunset of the superstar chief executives The IFS warns that May’s regime is set to cause inequality to rise as steeply as it did under Margaret ThatcherContinue reading...
Source: theguardian.com