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HSBC vows to restore dividends to pre-Covid levels amid investor pressure

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HSBC has slashed banker bonuses and pledged to restore dividends to pre-pandemic levels, as the London-headquartered bank attempts to appease investors, including the top shareholder Ping An, which is pushingto split up the lender.It came as the bank reported flat pre-tax profits of $5bn (£4.1bn) for the second quarter.

Extra income from mortgages and loans was offset by the amount it had to put aside for potential defaults linked to weaker economic forecasts.It resulted in a lower bonus pool for bankers, with $400m raised for performance-related payouts in the first half of the year compared with $900m a year earlier.

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