HSBS’s global private banking division has reported pre-tax loss of US$16 million for the third quarter of 2013 compare with a pre-tax profit of US$252 million a year ago.

The division’s net operating income before loan impairment charge and other credit risk provisions were US$658 million, down 11% from US$745 million a year ago.

Net operation income for the quarter declined to US$637 million from US$721 million in the third quarter of 2012.

The global private banking division reported operating loss of US$20 million for the latest quarter compared with operation profit of US250 million in the year ago quarter.

The bank’s retail banking and wealth management division reported pre-tax profit of US$1.58 billion for the quarter ended 30 September 2013, compared with US$1.51 billion reported a year ago.

Overall, HSBC group’s third-quarter pre-tax profit rose 30% to US$4.53 billion from US$3.48 billion in the year ago period.

Commenting on the performance, HSBC chief executive Stuart Gulliver said in May that he will cut an additional US$3 billion of expenses after beating an earlier target with the closing or sale of 60 businesses and the elimination of 46,000 jobs since the start of 2011."