Profit in HSBC's global banking and markets unit slipped 10% during the third quarter, as declines in its trading business offset a sharp rebound in investment banking fees.

The UK lender posted pre-tax profit within its global banking and markets division, which houses its investment bank, of $1.3bn in the third quarter. Its markets and securities services unit posted revenue of $2.2bn, which was down 6%, as its large FX trading unit slipped by 13%.