Shares in HSBC (LON:HSBA) dropped over 4 percent this morning after the bank reported an expectedly fall in pre-tax profit.

Profit before tax came in at $18.87 billion for 2015, a fall of $0.2 billion on the year before and well below the average analysts’ estimate of $21.8 billion. For the last quarter, the bank reported a pre-tax loss of $858 million. The bank cited volatility in China and the costs of its current restructuring programme as reasons for the figures, as well as legal costs and the disposal of its business in Brazil.

Chairman Douglas Flint said the economic environment as “challenging”, adding that “China’s slower economic growth will undoubtedly contribute to a bumpier financial environment, but it is still expected to be the largest contributor to global growth as its economy transitions to higher added value manufacturing and services and becomes more consumer driven.”

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