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.
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.”