HSBC GBM profits dive 24%
HSBC released disappointing full-year results on Monday, with its global banking and markets division providing much of the misery. Profit before tax for GBM was down 24% to $7bn for the year, although that was a better performance – both in absolute terms and the scale of the fall – than many peers that reported earlier in the results season.
GBM contributed $1.23bn in pre-tax profit for the fourth quarter, down from $1.622bn in the same period in 2010.
The divisions profit for the year was hit by a decrease in net trading income of 33%, due to significantly lower trading revenues in credit and rates as turmoil
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