HSBC reports strong EM FX results

- By FX Markets Staff
- @FXMarkets_
- 17 Nov 2008

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"Global banking and markets was profitable in the quarter, driven by strong emerging markets performance," Michael Geoghegan, London-based chief executive at HSBC Holdings, in a November 10 conference call. Meanwhile, the bank's interim management statement cited strong profitability in emerging markets across FX, rates and transaction banking.

The division was affected by overall writedowns on credit trading positions, however, which amounted to $600 million, though these were lower than the

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