The HSBC reported profits of £7billion to the end of June, a small increase on the same period last year but also announced further job cuts to the huge global branch network.

They have cut 5,000 positions so far, with 700 of those going in the UK but it would appear that the majority of these will be abroad, as it pulls out of some countries altogether.

This is expected to take place over the next two years, part of an initiative designed to add billions of pounds to the bottom line and allow the Bank to focus on it's core expertise.

The 3% rise in profits coupled with the cost saving initiatives, was well received by a market rising on the US debt solution and showed gains of over 3%.