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Stuart Gulliver

HSBC Profit Misses Views, Warns of Choppy Markets

- HSBC missed market expectations with a 9 percent increase in annual pretax profit and warned of greater volatility in emerging markets this year, sending its shares down 4 percent.Europe's largest bank has axed more than 40,000 jobs and sold or closed 60 businesses over the past three years to cut costs, but still missed targets for cost efficiency and return on equity last year."Although much progress has been made since 2011, we did not meet all of our targets by the end of 2013," Chief Executive Stuart Gulliver said on Monday.Gulliver's pay, including salary and bonuses, rose last year to $8 million from $7.5 million and overall the bank increased its bonus pool for staff by 6 percent to $3.9 billion.The increase comes despite pressure on banks to rein in big bonuses that many blame for fuelling the risk-taking that led to the 2008/2009 financial crisis.HSBC plans to start paying hundreds of top staff a new quarterly allowance, effectively increasing the amount of their fixed pay ...

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