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HSBC’s investment bank up 10% as trading revenue offsets deal slump

The bank expects to book a further $300m in severance costs in 2023

CEO Noel Quinn said HSBC is 'on track to deliver higher returns in 2023'
CEO Noel Quinn said HSBC is 'on track to deliver higher returns in 2023' Photo: Bryan van der Beek/Getty Images

HSBC's global banking and markets unit was up 10% in 2022 as strong performance in its core trading and payments units offset a slump in dealmaking activity.

The UK lender posted revenue of $15.4bn within its global banking and markets unit, which houses its investment bank, up 10% from 2021 thanks to a surge in foreign exchange and payments fees.

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