HSBC's global banking and markets business did what almost no other investment banking unit has managed in the first quarter, reporting results across its primary business lines that were almost flat on the same period a year earlier.

The UK bank reported revenues from global banking and markets of $5.2 billion in the first three months of 2014, down around 12% from the $5.8 billion figure in the same period a year earlier. Profit before tax fell around 20% from $3.6 billion to $2.9 billion.