HSBC has reported a quarterly profits fall of 20% amid "challenging" conditions for its investment bank and added that business continues to be "muted".
Pre-tax profits for the first quarter fell to 6.78 billion US dollars (£4 billion) compared to the same period last year. In the global banking and markets division, they were down by 20% to 2.87 billion US dollars (£1.69 billion).
It comes a day after rival Barclays said quarterly profits at its investment arm had fallen by half.
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HSBC, which is listed in London but makes more than half its profits in Asia, said "market conditions were challenging" in the division.
The bank added: "We continued to experience muted customer activity in April."
Chief executive Stuart Gulliver said: "In the first quarter we maintained control of costs and further demonstrated our capital resilience.
"Whilst revenue was lower than the previous year's first quarter, which benefited from a number of specific items, we have seen progress in revenue over the trailing quarters."