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HSBC says no plans to spin off UK retail bank
February 24, 2014 / 9:55 AM / in 4 years

HSBC says no plans to spin off UK retail bank

A sign is seen above the entrance to an HSBC bank branch in midtown Manhattan in New York City, December 11, 2012. REUTERS/Mike Segar

LONDON (Reuters) - HSBC’s boss said Europe’s biggest bank had no plans to spin off and separately list its UK retail banking arm to meet new regulatory requirements.

HSBC Chief Executive Stuart Gulliver also said his bank planned to pay more than 1,300 of its top staff a new quarterly allowance, effectively increasing the amount of their fixed pay to meet a new EU law capping bonuses at 200 percent of salary.

HSBC on Monday reported a 2013 pre-tax profit of $22.6 billion (13.5 billion pounds), up 9 percent from 2012, but falling short of analysts’ expectations.

Reporting by Steve Slater; Editing by Matt Scuffham

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