Today HSBC held its AGM. Outraged HSBC customers were outside the AGM cutting up their cards as part of a Move Your Money protest against 'back to business as usual' at the bank. More photos here
The AGM is seeing heated debate. Chief Executive Stuart Gulliver is set to receive total pay packet worth £7.2 million. This has not only angered shareholders but also unions who have criticised high pay at the bank given the recent loss of more than 2,000 UK jobs as part of a global drive to cut costs and boost profits.
The bank has also recently come under fire for its aggressive tax avoidance schemes from campaign - groups such as Fair Pensions and Action Aid uncovered that HSBC has 1527 subsidiaries, 36% of which were in tax havens.
HSBC has been threatening to leave the UK if the implementation of the Vickers review, which proposes that banks be forced to ring fence their retail and wholesale operations, is too onerous.
A minority of shareholders voted against the remuneration report, but todays AGM hasn't done anything to address fundamental issues at HSBC like their policy of aggressive tax avoidance.
UK citizens should not be held to ransom by HSBC’s threats to leave the country. We have to hold the big banks to account. That’s why Move Your Money UK is calling on customers of HSBC to vote with their feet and move their money out of the bank.
You can join in and use your consumer power to build a better banking system too!
✔ Vote for better banking NOW by pledging
to move your money
✔ Let your friends and family who bank with HSBC know what the bank's up to. See our factsheet on HSBC
✔ Write to your bank to let them know why you're leaving: template letter