Europe’s largest bank, HSBC Holdings Plc, reported first-quarter results of $5 billion for profit before tax, down 19 percent.
Already, rivals RBS and Lloyds reported stronger-than-expected profits, while Barclays disappointed.
Investors are focused on whether HSBC can improve returns after a disappointing full-year report for 2016 released this February, and whether its trading unit delivered strong results like U.S. rivals. As well, speculation ahead of the results was that HSBC may announce a share buyback.
HSBC in March named AIA Group boss Mark Tucker as the new chairman of its board, replacing veteran Douglas Flint, whose departure will end one of the longest-serving management partnerships at a major global bank.
CEO Stuart Gulliver is also due to leave in 2018, and one of the main tasks facing Tucker immediately after taking over the new role in October will be selecting a new chief executive for Europe’s biggest bank.
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– Reuters contributed to this report
