HSBC building

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HSBC has reported a 62% fall in annual pre-tax revenue for 2016.

The $7.1bn (£5.7bn) determine compares with $18.9bn a 12 months earlier, and is effectively in need of the $14.4bn analysts had been anticipating.

The financial institution attributed the autumn in revenue to a string of one-off fees, together with the sale of its operations in Brazil.

HSBC additionally identified it managed to extend market share in Hong Kong and Singapore.

The financial institution confirmed final 12 months it could maintain its European headquarters in London, regardless of Britain’s vote to go away the European Union.

However asserting the outcomes on Tuesday, HSBC chairman Douglas Flint stated the financial institution’s present planning advised it might must relocate some 1,000 roles from London to Paris over the subsequent two years, relying on how negotiations develop.

He added the financial institution had “broadly all of the licenses and infrastructure wanted to proceed to help our purchasers as soon as the UK leaves the EU”.

HSBC makes most of its cash outdoors the UK and in Asia accounts for the majority of financial institution’s world pre-tax revenue.

Its financial institution’s shares are listed in London, Paris, New York and Hong Kong.

HSBC had revealed plans earlier within the 12 months to close an additional 62 bank branches in the UK in 2017, on account of development in cellular and web banking which suggests lots of its prospects now conduct their transactions through the web or on smartphones. The financial institution closed 223 UK branches final 12 months.

Group Chief Govt Stuart Gulliver stated the financial institution was investing greater than $2bn in “digital transformation initiatives to enhance our provide to prospects”.