Banking giant HSBC reports 14% drop in profitsMay 3, 2016 - 16:26 AMT PanARMENIAN.Net - 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, BBC News reports. Profit before tax came in at $6.1bn 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". Adjusted pre-tax profits, including currency effects and one-off items, fell 18% to $5.4bn. HSBC cut almost a thousand jobs worldwide in the quarter, leaving it with 254,212 full-time staff across 71 countries and territories. Gulliver said the bank was confident of hitting its $5bn cost-cutting target 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. Related links: Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |