HSBC missed out on an rebound in dealmaking fees during the third quarter, following an overhaul of its investment bank that saw it pullback from M&A in key markets.

HSBC has been reshaping its investment bank under chief executive Georges Elhedery and the UK lender did not benefit from a boom in deal fees that bolstered Wall Street rivals. Its investment banking revenue was $220m, which was down 6% compared with a year earlier.