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HSBC abandons salary increase for CEO

HSBC has abandoned its plans to increase the salary of chief executive Michael Geoghegan following shareholder protests.

According to reports, the global bank consulted its shareholders over plans to increase Geoghegan base salary by more than a third, from around £1.07m to almost £1.5m.

HSBC was also propsing to increase the salary of finance director Douglas Flint by £200,000, from £700,000 to £900,000.

The news comes days after Lloyds Banking Group chief executive Eric Daniels waived his right to a £2.3m bonus for 2009 and Royal Bank of Scotland chief executive Stephen Hester waived his £1.6m bonus.

Last week Barclays chief executive John Varley and president Bob Diamond waived their bonuses.

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