Predictably, HSBC appears to have paid terribly; plus a strange observation regarding RBS

So much for RBS being the worst payer in the universe: take a look at HSBC.

Although HSBC appears to have been very generous to its five highest paid individuals, to whom it paid a collective 33.5m (with Stuart Gulliver receiving 9m), away from the upper echelons it appears to have been characteristically restrained.

The total compensation cost for HSBC's global banking and markets division was

4.7bn last year. Assuming it still employs 21,000 people (given it doesn't split headcount out), this amounts to $223k (149k) a head - below even RBS.

Even worse, HSBC paid just 21.5% of revenues in global banking and markets to its employees as compensation; RBS paid 26.6%.

The strange observation regarding RBS

However, before RBS's global banking and markets professionals start getting excited at their improved position on the pay pile, it's worth paying attention to another thing which means RBS bonuses may be far worse than they seem.

This thing is the paltry amount RBS has set aside for UK bonus tax: just 208m for 2009 and a further 100m for future years.

Although the total RBS bonus pool is in the region of 1.3bn, the small amount set aside for tax suggests that around 700m of the pool is being paid in quantities less than 25k which don't attract the tax - something confirmed by a spokesman for the bank.

However, given RBS global banking and markets only employs 16,800 people and 700m would pay 28,000 people 25k each, we can only assume that RBS is being unexpectedly generous to its non-global banking and markets staff.