Dutch Finance Minister Jeroen Dijsselbloem is sticking with a plan to limit bonuses in the country’s financial industry to a fifth of fixed pay, ignoring pleas by banks and insurers for a level European playing field.
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, 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.