HSBC Posts Decline In Forex Revenues As Heald Claims Growing Market Share
BANKS
Foreign exchange income at HSBC Holdings -- which includes Midland Global Markets (MGM) -- dropped by 9 per cent last year, to £343 million from £377 million in 1993, officials told a London press conference last week.
Overall dealing income at HSBC, which includes forex, slumped to £261 million from £1.089 billion in 1993. Officials blamed the setback on "difficult trading conditions" in interest-rate derivatives and securities trading, especially at HongkongBank in Hong Kong and at Midland.
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