HSBC's wealth and personal banking division has reported a drop in pre-tax profits in the first quarter of 2024.

The division reported a 40.25 percent drop in profit before tax for Q1 2024, with this figure now standing at $3.2 billion, down from $5.3 billion at the end of March 2023.

Revenues were down 21 percent from $9.01 billion in March of 2023 to $7.16 billion for Q1 2024.

Operating expenses increased around 5.7 percent from $3.5 billion a year earlier to $3.7...