HSBC misses forecasts but bankers bonus pool rises
Shares in the Asian-focused bank fell despite the strong profit haul
Shares in HSBC fell more than 4 per cent in early trade after the Asia-focused group missed profit expectations.
Europe's biggest bank reported a 9 per cent increase in pre-tax profits to $22.6 billion (£13.6bn), up from $20.6 billion in 2012, but missed analyst forecasts of $24.7 billion as it warned of further volatility and "choppy markets".
Chief executive Stuart Gulliver said: "We are a very complicated company to try and estimate our results. Only one analyst in the world — BNP’s in Hong Kong — got them bang on."
Gulliver is set to receive a total pay package worth just over £8 million for 2013, up from £7.5 million. The bank said it increased its bonus pool for top staff by 6 per cent to $3.9 billion (£2.3 bn). It added 239 employees took home £1 million or more last year.
The bank has axed more than 40,000 jobs over the past three years to 254,000 at the end of 2013 and has closed more than 60 non-core businesses in a bid to slash costs.
Gulliver rejected any suggestion that HSBC might float off its UK business and added that it was not looking at moving its headquarters away from London to Hong Kong.
He said underlying profits had risen at three of the bank’s four divisions; the only fall came in global private banking. Latin America was the only region to show a fall in profits.
HSBC shares fell 29.2p to 625p.
- 1 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Chinese student carries disabled friend to school every day for three years
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Royal baby: Live updates as superbug closes ward at St Mary's Hospital in London where Duchess of Cambridge is due to give birth
Nepal earthquake: Rescuers forced to dig with their bare hands in search for survivors as images show damage to historic buildings
Ed Miliband and Boris Johnson in angry clash live on BBC's Andrew Marr Show
Bali Nine executions: British grandmother on death row in Indonesia Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...