HSBC profits tick higher in 2013

HSBC has reported a 9-per cent rise in profit for last year, boosted by cost cuts as it restructured the business. Reported pre-tax profit was $22.6 billion (£13.6 billion), compared with $20.6 billion in 2012, the bank said. HSBC said it had also increased its bonus pool for staff by 6 per cent to $3.9 billion for last year. Chief executive Stuart Gulliver also saw his overall pay rise last year. He received a total pay package of £8 million, up from £7.5 million in 2012. The bank also revealed that 239 of its staff, 93 of whom are in the UK, had been paid £1 million or more last year. HSBC also said that for 2014, it would offer senior staff higher fixed-pay allowances, according to a news agency.