HSBC reports 18% fall in profits

Banking giant HSBC posts an 18% drop in profits for the first quarter, citing “challenging market conditions”.

Profit before tax came in at $6.1bn (£4.17bn) for the three months to March, down from $7.1bn a year ago.

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.

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HSBC reports 18% fall in profits
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