Stuart Gulliver's plans to make HSBC's global banking and markets division more profitable require it to grow revenues, cut costs and lend less. That's a tall order for any institution, but success would banish any doubts about HSBC's investment banking credentials once and for all. As with other big commercial lenders, HSBC has been working hard in recent years to generate more fee income from its existing client base. The key to that strategy is Asia, where the GBM business makes most of its revenues, and where more companies than ever before are turning to the capital markets and expanding overseas.
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