HSBC sees ‘muted’ activity after investment bank hit

HSBC sees ‘muted’ activity after investment bank hit
 

HSBC suffered a 20 per cent slide in quarterly profits amid tough conditions for its investment banking arm, and said customer activity remained "muted" last month.
Europe’s largest lender also blamed declines at its retail banking and wealth management businesses as it posted an underlying pre-tax profit of 
$6.8 billion (£4bn) for the first quarter, from $8.4bn a year earlier.
Chief executive Stuart Gulliver said its global banking and markets arm had put in a “relatively good performance”, but profits tumbled 19.1 per cent to $2.9bn as it was hit by “subdued activity levels”.... read more

 
8 May 2014 in Business, Views: 29
Source: Scotsman
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