Charlie Parker
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HSBC posts surprise profit rise

Banking giant HSBC has revealed a surprise profit rise in its half year results.

Pre tax profit is up 3% to nearly £7bn over the first six months of the year.

Despite the big gains, the bank has confirmed it is to lose up to 5,000 jobs worldwide as part of a five year programme of cost-cutting.

Charlie Parker is Investment Editor at Citywire. He told the BBC the job losses could mean banks' profits were "close to peaking".

  • 01 Aug 2011