HSBC profits hit by $2.1bn charge on Chinese bank stake
Quarterly earnings fall 29% as stake in Bank of Communications is diluted
Quarterly earnings fall 29% as stake in Bank of Communications is diluted

First-quarter income dips to $9.4bn, missing analyst expectations

UK bank sets aside $1.1bn for legal fight stemming from criminal enterprise that collapsed in 2008

Lender announced plan last year to use $3.2tn balance sheet to muscle into alternative lending market

The combination should be worthwhile if it creates cost savings

Prolonged slump in retail spending and sluggish office demand put Europe’s largest lender on notice

Lender ‘maniacally focused’ on rebuilding its investment bank in one of its home markets