HSBC’s global private banking reported 2012 Q1 profits before tax of US$286 million, an 8% drop year-on-year compared to US$308 million in the same quarter in 2011. According to the statement, the bank saw a fee-income decline due to lower average assets under management. New net outflows totalled US$0.5 billion primarily by several large withdrawals in Switzerland, though partly offset…
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