Quarterly 20% profits fall at HSBC
HSBC has reported a quarterly profits fall of 20% amid "challenging" conditions for its investment bank, adding that business continues to be "muted".
Pre-tax profits for the first quarter fell to $6.78bn (£4bn) compared to the same period last year. In the global banking and markets division, they were down by 20% to $2.87bn (£1.69bn).
It comes a day after rival, Barclays, said quarterly profits at its investment arm had fallen by half.
HSBC, which is listed in London but makes more than half its profits in Asia, said "market conditions were challenging" in the division.
Chief executive, Stuart Gulliver, said: "Whilst revenue was lower than the previous year's first quarter, which benefited from a number of specific items, we have seen progress in revenue over the trailing quarters."