HSBC Securities Services sales dip

HSBC Securities Services has recorded a decrease in its 2016 figures despite an increase in net operating revenue for global banking and markets.

Overall revenue for 2016 securities services stood at $1.58 billion compared to $1.62 billion achieved in 2015.

Despite the decrease the results form part of an overall increase in net operating income in global banking and markets of $14.9 billion for 2016 compared to $14.6 billion in the previous year.

Earlier this year, Global Custodian reported a reshuffle within HSBC Securities Services, with Tim Wood taking over as head of UK Securities Services as of March allowing Rafael Moral Santiago to focus on heading up the European side of the business.

The bank also expanded further on the ‘digital transformation’ of several of its businesses, including global markets, which it has pledged to invest $2.1 billion in between 2015 and 2020.

As part of this, group chief executive Stewart Gulliver explained the bank has already helped develop a blockchain prototype for a letter of credit that confirms the possibility of sharing information between parties on a private distributed ledger.

“In early 2017, we signed a memorandum of understanding with six other banks to make domestic and cross-border commerce easier for European SMEs using blockchain technology,” said Gulliver.