The division housing HSBC’s investment bank slumped by 23% in the second quarter, amid a sharp drop in trading revenue and decline in advisory fees despite the ongoing deal boom.

The UK lender made $3.6bn revenues within in its global banking and markets unit during the second quarter of 2021, down nearly a quarter on the same period last year, as fixed income trading declined from the highs seen during the early days of the Covid-19 pandemic.