Bloomberg News reports that revenue from stock trading at the Asia-focused bank fell 17% to $279 million, according to a company presentation. U.S. banks posted a 14% average increase for the period and some of HSBC’s European rivals, including UBS and BNP Paribas, reported similar gains as volatility in markets soared in the final weeks of June.
HSBC’s larger fixed-income trading business fell 12% to $1.3 billion, again in contrast with gains reported by most U.S. banks. That was because of “tighter spreads and lower client activity versus a strong” comparative second quarter last year, according to a presentation by the London-based bank. Other European lenders, including BNP and Deutsche Bank, reported larger declines.
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