HSBC profits hit by debt write-downs
Posted By admin on March 2, 2010
HSBC, Europe’s biggest bank, reported a 24% drop in annual profit to U.S. $ 7.1 million (4.7 million) for 2009, following the depreciation of the debt.
The adjustment is 6.5 million U.S. dollars has been wiped off the form of profits. Removes special items, underlying earnings increased by 56% by HSBC for $ 13.3bn (8.8).
HSBC, Lloyds and RBS, however, has not received direct state support.
The bank chief executive Michael Geoghegan said he plans to donate the bonus to charity.
He said: I can confirm that in 2013 I would 4m million to charities around the world, including major events in Hong Kong and the UK, where I was staying six years, until January this year. Chairman of HSBC , Stephen Green, who has resigned from his request for a bonus pay table reform and policy should be expected to raise wages to reduce the amount of premiums paid.
He said: We have seen an unacceptable distortion of competition – of the benefits received viable and realistic day, a combined turnover, which encourages risk-guaranteed benefits for several years without performance criteria.
Failure Compensation should be strongly committed to the sustainable production should not be rewarding, he said.
However, the bank made some great bonuses, including payments for 9 to investment banking, Stuart Gulliver, the division saw profits jump 148%, so it is key to the positive key performance of the Bank.
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