As it became known HSBC’s and Standard Chartered’s CEOs intend to provide charity with their bonuses.

Michael Geoghegan chief executive of HSBC would accept his bonus but give it to several charities. Geoghegan stands to be awarded a bonus of four times his basic salary of 1.1 million pounds (or $1.68 million).

At the same time, Peter Sands, head of Standard Chartered, planned to donate his bonus to charity as well.

This news follows moves by the heads of Barclays, bailed-out Lloyds Banking Group and Royal Bank of Scotland to waive their rights to a 2009 annual bonus.

As the Sunday Telegraph cited sources at HSBC, the bank pointed out it had obtained no direct taxpayer money, had paid dividends throughout the financial crisis and should be allowed to make its own decision on how it pays its executives.

HSBC had also been negotiating with investors regarding a plan to increase base pay for its top executives, but it has shelved plans to award Geoghegan a pay rise of more than a third.

HSBC plans to report full-year results on Monday while London-listed Standard Chartered is expected to post record profits of $5.1 billion next week.