February 24, 2014 / 9:55 AM / 4 years ago

HSBC says no plans to spin off UK retail bank

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.

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

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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