HSBC goes to shareholders to beat EU bonus cap

HSBC large
By Will Caiger-Smith
24 Feb 2014

HSBC is going to shareholders to have the EU’s maximum 200% bonus for “material risk takers” approved, but returned disappointing full year numbers which sent shares down 3.5%. The investment bank reported an increased underlying profit, but that was mostly thanks to lower impairment charges.

The UK lender reported its 2013 results on Monday, with a 9% increase in profit before tax to $22.6bn and a 41% increase on what it calls “underlying profit”, which excludes fair value adjustments and credit spreads, but includes lower loan impairment charges.

Underlying revenues grew by 3% ...

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