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HSBC said its performance had been "broadly satisfactory" given "volatile financial conditions" but warned a rise in global protectionism was a concern. The bank also announced a smaller-than-expected share buyback. That also helped undermine shares, which were down by 5% in London. "It's a bank that is still in transition after the crisis," said banking analyst Chris Wheeler from Atlantic Equities. However, he thinks this could be the last set of results that include big one-off charges, for reorganising the business and writing-down the value of assets. Alluding to the US election and the

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