HSBC's 2016 net profit plunges 82 per cent to USD 2.48 billion amid 'volatile financial market conditions'

Global banking giant HSBC on Wednesday said that its net profit for 2016 plunged 82 per cent from the previous year, calling it a period remembered for its "largelyunexpected economic and political events".

The net profit of USD 2.48 billion compared with USD 13.52 billion recorded in 2015, with group chairman Douglas Flint saying geopolitical changes contributed to "volatile financial market conditions". 

"We highlight the threat of populism impacting policy choices in upcoming European elections, possible protectionist measures from the new US administration impacting global trade, uncertainties facing the UK and the EU as they enter Brexit negotiations," Flint said in a statement filed to the Hong Kong stock exchange. 

HSBC in 2015 announced a radical overhaul to cut annual costs by $5 billion over two years by shedding 50,000 jobs worldwide, exiting unprofitable businesses and focusing more on Asia.