HSBC Holdings Plc, Europe’s largest bank, posted full-year profit that missed analyst estimates as a cost-cutting drive fell short of targets and revenue shrank. The stock slumped in Hong Kong and London.
HSBC Holdings Plc became the first U.K. lender to reveal its plans to sidestep European Union caps on bonus payments for more than 600 senior managers as it awarded Chief Executive Officer Stuart Gulliver 8 million pounds ($13.3 million) in compensation.
HSBC Holdings Plc, Europe’s largest lender, said full-year earnings at its private bank dropped 81 percent as customers pulled money from its Swiss cross-border business and the firm made provisions for regulatory probes.
HSBC Holdings Plc, Europe’s largest bank, is planning to sell parts of its Swiss private bank as some foreign lenders retreat amid a crackdown on bank secrecy and rising regulatory scrutiny, four people with knowledge of the situation said.
As the credit crisis mounted in 2008, Stuart Gulliver moved from his executive office on the 42nd story of HSBC Holdings Plc ’s London office to the trading floor on the fourth so he could oversee his employees directly.
HSBC Holdings Plc , Europe’s biggest bank, will cut jobs and close offices to reduce costs by about a tenth over the next two years as it expands in faster-growing economies and prepares for stricter capital rules.
HSBC Holdings Plc Chief Executive Officer Stuart Gulliver received a 1.95 million-pound ($2.9 million) bonus for 2012 even after the British lender paid a record fine for breaking anti-money laundering rules.