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Gulliver receives £2m bonus as HSBC profits dip 6%
Markets
by Dylan Lobo on Mar 04, 2013 at 09:32
HSBC chief executive Stuart Gulliver has received a bonus of £1.95 million despite a fall in pretax profit at the banking giant.
Pretax profits for 2012 fell 6% to $20.6 billion to £13 billion, which include $5.2 billion of adverse fair value movements on its debt.
Underlying pretax profit stood at £16.4 billion, a rise of 18%. This was powered by a record year for commercial banking, which posted a 7% increase in profit to $8.5 billion.
'HSBC made significant progress in 2012. First and foremost, we grew our business. We increased revenues, performed well in most faster-growing markets and enjoyed a record year in commercial banking,' Gulliver told the stockmarket.
'We've made the business easier to manage and control by disposing of non-core businesses and surpassed our sustainable savings target. We also agreed a settlement with the US and UK authorities in respect of our past anti-money laundering and sanctions failings.'
Investors saw the update as an opportunity to take profit, with shares losing 22.2p, or 3.05% by 9.35am to stand at 705.9p.
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by David Campbell on Jun 18, 2013 at 09:49
1 comment so far. Why not have your say?
Michael Mason-Mahon
Mar 04, 2013 at 11:02
Before reading anything about HSBC, people should go to youtube: How HSBC Chairman Mr Flint lied to shareholders. Also look Protest against HSBC in Mumbai.
Is Lies the new truth at HSBC? Is Cowardice the new Courageous Integrity at HSBC? Is HSBC stealing people’s reputations, is HSBC committing fraud against customers in India?
Mr Gulliver states 'HSBC of today' is vastly different to the one that made the errors. Mr Gulliver the behaviour was criminal not an error. HSBC is still abusing customers in India, many people are claims HSBC has committed fraud against them.
Mr Gulliver & Mr Flint has been informed what is going on in India and the abuses. So is Mr Gulliver lying?
Sir Brook Bond Lord Greedy Banker Green and Mr Michael my book of wisdom Geoghegan (Flint was their side kick). We will not be asking them for money, this is pervasively sick.
Why is no person from HSBC sitting in a Jail in the USA, Could it be Money Talks Justice Walks?
Senator Levin said HSBC had been ‘pervasively polluted for some time’.
Look at the sale by HSBC to JM Financial, HSBC could not find customers they have falsely registered owing them money, while a much smaller company Tata Consultancy Services can find these customers.
Is this just another fraud by HSBC? O yes I forgot Mr Gulliver's words 'HSBC of today' is vastly different to the one that made the errors.
Then will Mr Flint or Mr Gulliver explain why is the behaviour HSBC in India not criminal?
Sorry I forgot, Is Lies the new truth at HSBC? Is Cowardice the new Courageous Integrity at HSBC?
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