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HSBC Global Private Banking annual profit up 9%

The global private banking arm of HSBC posted a 9% rise in annual adjusted profit before tax in 2017, to US$296 million, underscoring the aggressive cost-cutting the bank undertook throughout the year, offsetting lower revenues from investment, lending, other business activities. The private bank recorded US$15 billion in net new money inflows in the ‘key markets’ it targets for growth,…

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