HSBC’s bonus pool for staff across the organisation fell to £2.38 billion in 2014, down by £2.5 billion from 2013.
However, the banking group’s Annual results 2014 also highlighted that its spend on employee compensation and benefits increased by 4% in 2014.
Its report stated that because of further regulatory changes to executive remuneration, HSBC would need to make changes to its policy in 2016.
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The report also highlighted the total pay received by its executives.
Stuart Gulliver, group chief executive of HSBC, saw his overall pay fall to £7.6 million, down 5.1% from 2013.
This lower total reflects a smaller bonus payment of £3.4 million for the year, compared to £5.5 million in 2013.
According to the report, this was reflected by failures linked to foreign exchange manipulation.
However, HSBC chairman Douglas Flint saw his total pay increase. He received £2.5 million in 2014, up from £2.42 million in 2013, but he did not receive a bonus.
Employee remuneration at the organisation is made up of fixed pay, benefits, annual incentives and a group performance share plan.
HSBC has not proposed to make any changes to its benefits package for 2015.
Gulliver, said: “2014 was a challenging year in which we continued to work hard to improve business performance while managing the impact of a higher operating-cost environment.
“I am grateful for the hard work, dedication and professionalism of all our employees in 2014.”