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HSBC's shares fell in early trading in London, as the bank also missed its own target for return on equity.
After all, the new bank's target for return on equity by 2000 is 15%, the same as its two components aim for now.
It was sticking to its target for return on equity, a measure of profitability, of 12 percent to 15 percent through 2016.
The bank is cutting its target for return on equity by about a third, amid hints that regulators are giving it less leeway in the way it assesses the riskiness of its assets.
Nor have any of the new groups adopted a target for return on equity.And merging does little to solve banks' biggest underlying problem: masses of loans to big companies that earn derisory returns, at best.
In the middle of last year, Goldman Sachs's target for return on equity was 20 percent, though the firm has since retreated from setting a target, citing the uncertainty in its business.
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A target for returning to the main tour is Indian Wells in March, one of the biggest WTA tournaments.
Maryland's public pension system missed its annual target for returns by more than six percentage points in fiscal 2016, marking the second consecutive year that the retirement program fell short of its goal.
More firms are setting explicit targets for return on equity.
Is that how he intends to stick by its targets for return on capital?
Setting targets for return on equity is common on Wall Street; nonetheless, the new incentive program gave O'Neal another reason to increase Merrill's exposure to risk.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com