HSBC reported its annual profit fell by 62% compared with 2015 as the lender grappled with the costs of restructuring its private banking business and low global interest rates that have squeezed profits. Photo: BloombergLondon: HSBC cut its staff bonus pool by 12% to $3 billion in 2016 compared with the previous year, the bank said on Tuesday in its annual report, as the bank took into account weaker than expected profits. HSBC reported its annual profit fell by 62% compared with 2015 as the lender grappled with the costs of restructuring its private banking business and low global interest rates that have squeezed profits. Also Read: HSBC’s profit misses estimates as lender extends stock buybackChairman Douglas Flint’s pay for 2016 dipped slightly to £2.1 million from 2.5 million in 2015. More than 360 of the bank’s employees earned over €1 million ($1.05 million) in the year, according to its annual report.

Source: Mint February 21, 2017 10:41 UTC