HSBC dampens FTSE and prevents new record

Banking giant HSBC prevented the FTSE 100 Index from climbing towards a new record high today after its profits fell by more than expected.

Shares in the heavyweight stock slumped by 6% as a weak fourth quarter in its investment banking arm contributed to the bank’s annual profit dropping by 17% to $18.7 billion US dollars (£12.1 billion) for 2014.