HSBC is expected to announce major cost-cutting work later this week
HSBC has seen its quarterly profits fall 14% due to higher costs.
The bank made a pre-tax profit of $4.9bn (£3bn) in the first three months of 2011, down from $5.7bn a year ago.
HSBC also announced that it would set aside £269m to pay compensation for UK customers who were mis-sold payment protection insurance (PPI).
Its latest profit figure comes two [...]