Ian Gordon, an analyst at Investec, commented that the performance of the Global Banking and Markets segment of HSBC Holdings plc (ADR) (NYSE:HSBC) is "not surprising in the context of context of soft transaction volumes in the wider market." He noted that the specific factors that contributed to the decline include lower balance sheet management revenues, lower rates, and non-recurrence of a $0.5 billion debit valuation adjustment in Q1 2013. Its capital financing also declined 5%.