HSBC today showed that first half profits in its global banking and markets division held up well compared with two of its biggest European rivals, with a fall of 12% less severe than that of Swiss giants UBS and Credit Suisse. The unit felt the impact of sharply falling credit revenues, which hit pre-crisis lows, offset by stronger financing and equity capital markets.

The results came with news that the bank would shed 30,000 jobs by 2013, with 5,000 cuts already underway. The bank did not provide a breakdown of where those jobs would fall, but they are expected to withdraw from some countries and refocus its operations on high-growth markets.