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It's been a good quarter for some people at HSBC.

The HSBC traders who expect higher pay. And those that don't

HSBC's results are out and they reveal that the bank's FX traders had a fine third quarter. 

FX trading revenues at the London-based bank rose nearly 50% year-on-year to $1.1bn in Q3, driven by what the bank described as "strong client flow and disciplined risk management." 

The strong quarter in FX helped contribute to 16% increase in net operating income in the global banking and markets (GBM) division, as shown in the table below. Global payments solutions (GPS) also played a part by virtue of "higher global interest rates as well as growth in deposit balances and fee income."

Not all HSBC's bankers and traders were equally high performing. Equities sales and trading revenues at the bank fell 20%. Global debt markets (credit trading) revenues were down 27%. And capital markets and advisory (ECM, DCM and M&A) revenues were down 43%.

HSBC's FX traders would therefore seem the most expectant and deserving of any bonus largesse for 2022. But generosity may not be forthcoming. HSBC doesn't break out compensation spending in GBM, but operating expenses in the UK division were cut 21% in the third quarter, which probably doesn't bode well. At the same time, they rose 3% in Hong Kong, suggesting Hong Kong traders might have more reason for optimism.  

HSBC global banking and markets revenues

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AUTHORSarah Butcher Global Editor
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