HSBC sets aside $300 million extra for performance pay and $3 billion for stock buybacks

HSBC Holdings on Monday said it’s earmarking an extra $300 million for performance-related pay, as the bank reported a big surge in third-quarter profit. CFO Georges Elhedery on a conference call said the board and remuneration committee will ultimately decide, but the planned boost to pay is in recognition of the reshaping of the bank, its strong balance sheet, and the growth in wealth and transaction banking. HSBC also flagged it would spend about 1% more than previously expected on technology and operations expenditure. The bank more broadly reported a...