The 9% growth in pre tax profits at
He noted the bank expected the economy of mainland
The bank felt justified in increasing the total bonus pot by 6% annually, to almost
Proposed changes to the company's pay policy for executive directors and senior employees are likely to come under intense investor scrutiny.
The bank plans to pay bonuses to directors worth up to 200% of basic pay, the maximum amount allowed under a EU Directive intended to limit bankers' pay.
It has also decided to top up the salaries of executives, through Fixed Pay Allowances. These will not be subject to performance conditions.
The value of the allowance represents 136% of the pound(s)1.25m base salary he earned in 2013.
If the plan is approved at the company's general meeting in May,
The bank said some 208 UK employees categorised as material risk takers, and 457 overseas, will also get allowances.
It did not give an indication of the size of the awards.
Questioned by reporters about the new policy,
The bank highlighted international competition for banking talent.
It said: "The application of a cap on variable pay that can be paid to any 'material risk taker' ... in EU headquartered banks, presents significant challenges for the
He noted the caps on bonuses would mean the maximum pay package he could receive if the proposal is implemented would fall, from pound(s)13.8m currently to pound(s)11.4m.
Asked to comment on a report the bank might spin off its
He added: "The
The bank expects the
Asked about the possible implications if
The spokesperson said
With shares in
The average forecast for
It set aside another
Directors and 49 of the
He noted that
The bank has mounted a push to win business banking customers in