August 4, 2014 / 9:27 AM / in 3 years

HSBC says UK "ring-fence" would cost hundreds of millions a year

LONDON, Aug 4 (Reuters) - HSBC’s Chief Executive Stuart Gulliver said it would cost his bank “hundreds of millions of pounds” each year to separate its UK retail operations and would cost a “very substantial” one-off amount to set up.

HSBC said on Monday a growing body of international regulations was putting its staff under unprecedented pressure and discouraging them from taking risks.

The bank said it was spending about $800 million a year more on compliance as it deals with tougher regulatory requirements. (Reporting by Steve Slater; Editing by Matt Scuffham)

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