HSBC prepared for new regulation

Commenting on the new Basel III rules chief executive Stuart Gulliver said that:

Based on our current understanding of the capital rules we are extremely well-placed with regard to Basel III compliance, re-establishing our position as one of the best capitalised banks in the world.

Stuart Gulliver is to receive a bonus of £1.95m and a package including base pay, bonus and long-term shares of £6.2m.

HSBC made its profits overseas, as its UK operations saw losses of £670m in 2012. This included bank levy costs of £380m. HSBC has been unable to give an estimate for the cost of Libor investigations, stating that "the potential impact and size of any fines or penalties that could be imposed on HSBC cannot be measured reliably."