HSBC slashed the bonus pool for its global banking and markets staff last year, but the 16% drop in awards fell short of a 38% plunge in pre-tax profits at the unit, where performance was savaged by more than $1.7 billion in charges and provisions related to the FX scandal and US mortgage securities.

The bonus pool for global banking and markets staff dropped 15.6% from $1.3 billion in 2013 to $1.1 billion last year, HSBC revealed in its annual report on Monday, which was published alongside the UK bank's full-year results.