Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, responding to HSBC’s annual results, said:

“People will be astounded that bonuses of this size are still being paid out after the revelations of the last few days.

“This underlines Labour’s determination to repeat the tax on bank bonuses in order to fund a jobs programme for young people. We also need wider reform of the banking industry, including extending clawback of bank bonuses to at least ten years in cases where there has been inappropriate behaviour.

“And George Osborne still has serious questions to answer over the HSBC scandal including what the government did when it first received these files in May 2010 and over the appointment of Lord Green as a Conservative Minister.”

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