		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p>HSBC has posted a sharp drop in profits for the first three months of the year after it was hit by &#8220;extreme levels of volatility&#8221; in financial markets in January and February.</p>
<p>The banking giant reported an 18% fall in underlying pre-tax profits to $5.43bn for the first quarter.</p>
<p>On a bottom-line basis, profits fell 14% to $6.11bn.</p>
<p>But the bank said it was a &#8220;resilient&#8221; performance in difficult market conditions, with the entire investment banking sector suffering after stock markets tumbled at the start of 2016 amid an oil price rout.</p>
<p>Shares in HSBC rose in Hong Kong trading as the profits fall was not as bad as most analysts had expected.</p>
<p>Group chief executive Stuart Gulliver said: &#8220;Market uncertainty led to extreme levels of volatility in January and February, which affected our ability to generate revenue in our markets and wealth management businesses.</p>
<p>&#8220;However, our diversified, universal-banking business model helped to cushion the impact through growth in other parts of the bank.&#8221;</p>
<p>The stock market woes left HSBC nursing a 28% plunge in underlying profits in its global banking and markets division, to $2bn after revenues dropped by 12%.</p>
<p>Earnings were also down by more than a quarter in its retail banking and wealth management arm &#8211; off 26% to $1.36bn.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68ed0da73d296">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68ed0da73d296',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
