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HSBC warned the impact of the Covid-19 pandemic would hurt first-quarter revenue and the high street bank also cancelled plans to pay its fourth interim dividend payment following a request from the Bank of England.
'As a result of the global impacts of Covid-19, and its impact on interest rates, market levels and the forward economic outlook, we expect reported (first-quarter) revenues to be impacted in insurance manufacturing, and credit and funding valuation adjustments in global banking & markets, alongside higher expected credit losses.
The company also decided that until the end of 2020, it would make no quarterly or interim dividend payments, or undertake any share buy-backs.
HSBC said it would announce its first quarter 2020 results on 28 April.