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HSBC misses forecasts but bonus pool rises as chief Stuart Gulliver takes home £8m HSBC misses forecasts but bankers bonus pool rises
(about 3 hours later)
Shares in HSBC fell more than 4 per cent in early trade after the Asia-focused group missed profit expectations.Shares in HSBC fell more than 4 per cent in early trade after the Asia-focused group missed profit expectations.
The bank reported a 9 per cent increase in annual profits to $22.6 billion, up from $20.6 billion in 2012, but missed City forecasts of $24.3 billion as it warned of further volatility and "choppy markets". Europe's biggest bank reported a 9 per cent increase in pre-tax profits to $22.6 billion, 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 is set to receive a total pay package worth just over £8 million for 2013. The bank said it increased its bonus pool for top staff by 6 per cent to $3.9 billion. It added 239 employees took home £1 million or more last year. 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."
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 businesses in a bid to slash costs. Gulliver is set to receive a total pay package worth just over £8 million for 2013. The bank said it increased its bonus pool for top staff by 6 per cent to $3.9 billion. It added 239 employees took home £1 million or more last year.
Gulliver said: "The group today is leaner and simpler than in 2011, with strong potential for growth." 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.
More follows 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.