| HSBC reported today that revenue of the retail banking and wealth management Business dropped by US$300 million, or 6 percent in the first quarter. This was driven by lower revenue in producing life insurance in Europe and Asia due to adverse market updates as a result of stock market movements, and lower investment distribution revenue in Asia due to lower equity turnover. By contrast, current account and savings revenue increased, reflecting growth in customer deposits in Hong Kong and the UK, the bank explained. |  |
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