Profits at HSBC’s investment bank fell 17% in the third quarter from year-ago levels, as higher revenues from rates and equities trading failed to offset steep declines in asset and structured finance, credit and foreign exchange.

Pre-tax profits at the UK lender's global banking and markets unit, excluding the effects of exchange rate movements, acquisitions and disposals, dropped to $1.8 billion from $2.2 billion in the third quarter last year, according to this morning's interim management statement.