Charlie Parker
Media playback is unsupported on your device
Video

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".