FX supports profits at HSBC
The bank said performance was driven by strong revenue growth in equities, foreign exchange, securities services, payments and cash management, and asset management.
In 2007, the bank absorbed a total of $2.1 billion in writedowns on asset-backed securities and credit trading positions, leveraged and acquisition financing positions, and monoline credit exposures resulting from major disruption and deterioration in the credit markets. In North America, the mortgage-backed securities operation was
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