HSBC plans to sidestep EU bonus cap

HSBC has reported a 9% rise in profit for last year, boosted by cost cuts as it restructured the business.

Reported pre-tax profit was $22.6bn (£13.6bn), compared with $20.6bn in 2012, the bank said.

HSBC said it had also increased its bonus pool for staff by 6% to $3.9bn for last year.

Chief executive Stuart Gulliver also saw his overall pay rise last year. He received a total pay package of £8m, up from £7.5m in 2012.

The bank also revealed that 239 of its staff, 93 of whom are in the UK, had been paid £1m or more last year.

HSBC also said that for 2014, it would offer senior staff higher fixed-pay allowances.

The move will enable the bank to sidestep new European rules, which came into force in January, preventing bankers from being paid bonuses worth more than twice their salary.