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HSBC set to announce quarterly profit of $6 billion

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    HSBC is set to report a quarterly profit of nearly $6 billion on the back of a rebound in investment banking income and falling bad debts.

    Europe’s biggest bank is still however struggling to cut costs, a goal outlined by chief executive Stuart Gulliver in order to boost profits.

    The bank is still in the process of a major overhaul as it seeks to pull out of areas in which it lacks scale and increase its focus on Asia.

    Quarter one results were expected to signal investment banking revenue increased to more than $5 billion as fixed-income, currencies and commodities income made up for losses seen in the second half of last year.