HSBC Holdings Plc boosted Stuart Gulliver’s total potential pay to the equivalent of $12 million as the chief executive was rewarded for cutting costs, while the bank’s bonus pool dropped.

Gulliver, 57, saw his annual incentive pay for 2016 raised to $2.1 million from $1.4 million a year earlier as he hit targets for paring expenses and assets, even as he fell short of a profit goal.

HSBC cuts investment bank’s bonus pool 13% to $954 million. The bank cut its overall total annual bonus pool 12% to $3 billion, as revenue fell for a 5th consecutive year. Gulliver has stepped up efforts to slash expenses and return capital to shareholders as the bank faces hits to revenue this year from unfavorable currency moves and record-low U.K. interest rates.

The bank’s remuneration committee said it reduced Gulliver’s annual bonus by 2.5%, as well as the pay of other executives, because of issues tied to standards, risk and compliance. This was based on feedback received from a monitor installed by U.S. Department of Justice, as well “matters arising from risk and compliance incidents, and several unsatisfactory internal audits” related to AML and sanctions-related issues.