Europe

HSBC says 2016 profit slumps to $2.5B

  • People walk past a branch of HSBC bank in Hong Kong, Tuesday, Feb. 21, 2017. London-based bank HSBC reported Tuesday that annual profit slumped following a year it said would be remembered for "unexpected economic and political events" and warned of risks in 2017 to the global economy's continuing recovery. (AP Photo/Vincent Yu)

    People walk past a branch of HSBC bank in Hong Kong, Tuesday, Feb. 21, 2017. London-based bank HSBC reported Tuesday that annual profit slumped following a year it said would be remembered for "unexpected economic and political events" and warned of risks in 2017 to the global economy's continuing recovery. (AP Photo/Vincent Yu)  (The Associated Press)

  • A man walks past the HSBC's Hong Kong headquarters in Hong Kong, Tuesday, Feb. 21, 2017. London-based bank HSBC reported Tuesday that annual profit slumped following a year it said would be remembered for "unexpected economic and political events" and warned of risks in 2017 to the global economy's continuing recovery. (AP Photo/Vincent Yu)

    A man walks past the HSBC's Hong Kong headquarters in Hong Kong, Tuesday, Feb. 21, 2017. London-based bank HSBC reported Tuesday that annual profit slumped following a year it said would be remembered for "unexpected economic and political events" and warned of risks in 2017 to the global economy's continuing recovery. (AP Photo/Vincent Yu)  (The Associated Press)

  • People walk past the HSBC's Hong Kong headquarters in Hong Kong, Tuesday, Feb. 21, 2017. London-based bank HSBC reported Tuesday that annual profit slumped following a year it said would be remembered for "unexpected economic and political events" and warned of risks in 2017 to the global economy's continuing recovery. (AP Photo/Vincent Yu)

    People walk past the HSBC's Hong Kong headquarters in Hong Kong, Tuesday, Feb. 21, 2017. London-based bank HSBC reported Tuesday that annual profit slumped following a year it said would be remembered for "unexpected economic and political events" and warned of risks in 2017 to the global economy's continuing recovery. (AP Photo/Vincent Yu)  (The Associated Press)

London-based bank HSBC reports that annual profit slumped by more than 80 percent following a year of "unexpected economic and political events" that contributed to volatile markets and influenced investment activity.

Europe's biggest bank said Tuesday that net profit for 2016 tumbled 82 percent to $2.5 billion from $13.5 billion a year ago.

Annual revenue fell 18.5 percent to $48 billion.

In the most recent quarter, its net loss widened to $4.3 billion from $1.3 billion in the same period the previous year.