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HSBC investment bank profit up by 10% as fixed income trading slides
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Profit at HSBC’s investment bank was up by 10% last year, as strong performance in equities and advisory was offset by a sharp decline in fixed income trading.
The UK lender’s global banking and markets unit, which houses its investment banking and trading divisions, posted an adjusted profit of $5.3bn, an increase of 10%. It has been a key target of a sweeping plan to remove around $100bn in risk-weighted assets as part of a broader strategic shift that will see a move towards its key market of Asia.
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