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| HSBC first-quarter profit falls 14% | |
| (35 minutes later) | |
| Banking giant HSBC has reported a 14% drop in profits for the first quarter following "extreme levels of volatility" in financial markets at the start of the year. | |
| Profit before tax came in at $6.1bn (£4.17bn) for the three months to March, down from $7.1bn a year ago. | Profit before tax came in at $6.1bn (£4.17bn) for the three months to March, down from $7.1bn a year ago. |
| However, analysts had expected a far steeper fall in profits. | |
| HSBC chief executive Stuart Gulliver said the bank had been "resilient in tough market conditions". | |
| Job cuts? | |
| A conference call scheduled for later in the day could offer clues on possible further cost-cuts. | A conference call scheduled for later in the day could offer clues on possible further cost-cuts. |
| The lender had flagged earlier in the year that it would impose a global freeze on pay and hiring to cut costs by the end of 2017. | The lender had flagged earlier in the year that it would impose a global freeze on pay and hiring to cut costs by the end of 2017. |
| Independent banking analyst Frances Coppola said it was "likely there will be more job cuts" at HSBC following the fall in profits. | |
| But she said the results "could have been worse" after financial markets were highly volatile in January and February. | |
| Challenging | |
| HSBC's adjusted revenue for the first quarter amounted to $13.9bn, a 4% drop from the same time last year. | HSBC's adjusted revenue for the first quarter amounted to $13.9bn, a 4% drop from the same time last year. |
| The bank also said the development of its Asian business was gaining momentum, "despite a challenging environment with key increases in market share in debt capital markets, China M&A and syndicated lending". | |
| HSBC has had its headquarters in the UK since 1993, but the financial institution makes most of its money overseas, and Asia accounts for the majority of its profit. | HSBC has had its headquarters in the UK since 1993, but the financial institution makes most of its money overseas, and Asia accounts for the majority of its profit. |
| The bank's shares are listed in London, Paris, New York and Hong Kong. HSBC shares in Hong Kong were down by 1.4% before the quarterly results were announced, but then recovered some ground to stand 0.3% lower. |