HSBC: the franker bankers

HSBC should be praised for doing what no other UK bank has so far had the guts to do: reveal exactly how much it is paying its top staff. A triumph for Project Merlin, the deal struck between George Osbrone and the banks? On the contrary, HSBC's candour highlights just what a bad deal the government got. Under Hong Kong disclosure rules, the five highest paid HSBC staff got £34m between them. Under Merlin rules, the five highest paid got £12m. Why? Merlin does not require traders, the really big earners, to be included, leaving shareholders, and the rest of us, in the dark.