Sharp falls in equities and credit trading dragged overall revenues at HSBC’s global banking and markets business down 15% in the first quarter, as the UK bank followed rivals at home and abroad by opening 2016 with a lacklustre set of trading figures.

The division, which houses HSBC's trading and traditional advisory and lending businesses, brought in $4.4 billion in the first three months of the year, according to results published on May 3 - 14.8% less than in the same period in 2015.