Bloomberg News reports that pretax profit in global banking and markets, the division that houses the firm’s trading units, fell to $4.75bn from $5.03bn in the year-earlier period, the bank said as it reported results Monday.
Revenue from its foreign exchange unit, the biggest driver of its markets business, climbed 24% to $1.67bn, while equities jumped 75% to $1.10bn.
The bulk of HSBC’s legal costs in the period were booked at the investment bank, which incurred $794m for settlements and provisions. The trading gains are a bright spot for Chief Executive Officer Stuart Gulliver, who is reducing the division’s assets to satisfy regulators as the company is battered by misconduct costs.
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