'Nothing fundamentally wrong with HSBC results'

HSBC has reported a 9% rise in profit for last year to $22.6bn (£13.6bn) pre-tax, boosted by cost cuts as it streamlined the business.

Matthew Beesley, Head of Global Equities at Henderson Global Investors, said there was "nothing fundamentally wrong with these results" and that shares had fallen because of the ongoing costs of re-structuring.

HSBC said it had also increased its bonus pool by 6% to $3.9bn last year - Mr Beesley said: "The bank will point to the rise in profitability as justification... but shareholders too are benefiting".