HSBC says 2016 profit slumps to $2.5B

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.