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HSBC Investment Bank Profit Rises as Gulliver Ponders Strategy

HSBC Holdings Plc’s investment bank posted a 6 percent profit gain as volatile markets buoyed currency-trading revenue, a better-than-estimated first quarter for a division some analysts want management to shrink.

Pretax profit in global banking and markets, the division that houses HSBC’s trading units, rose to $3.04 billion, the bank said Tuesday. Revenue from foreign exchange, the largest earnings driver in the markets business, climbed to $942 million from $757 million a year earlier, adjusted for currency moves.