HSBC Holdings, Europe’s largest bank, said first-quarter profit fell 20 per cent, meeting analyst estimates, as gains from asset sales dwindled and investment banking revenue slipped.
Pretax profit declined to $6.79 billion from $8.43 billion in the same period a year earlier, London-based HSBC said in a statement today.
The lender, which derives the bulk of its profit from Asia, has closed or sold more than 60 businesses since 2011 to focus on its most profitable...
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