The decline has been fueled by uncertainty around China's economic outlook and Britain's relationship with the European Union.
Banking giant HSBC has reported a 29% drop in profits on the back ofuncertainty in China and the EU.
Chairman Douglas Flint said the fall comes amid a "turbulent period" for the bank.
Pre-tax profits stood at£7.2bn for the first six months of 2016.
Flint said: "The first half of 2016 was characterised by spikes of uncertainty which greatly impacted business and market confidence.
"Thiswas reflected in lower volumes of customer activity and higher levels of market volatility. Concern over the sustainable level ofeconomic growth in China was the most significant feature of the first quarter and, as this moderated, uncertainty over theupcoming UK referendum on membership of the European Union intensified.
"Demand for credit for investment slowed as aconsequence. Equity market activity was also markedly lower, particularly in Hong Kong, reflecting both economic uncertaintyand weaker market pricing, which was exacerbated by net selling from sovereign funds impacted by lower oil prices.
"The periodended with exceptional volatility as financial markets reacted to the UK referendum decision to leave the EU, a result that hadnot been anticipated.
HSBC also announced that it will be conducting a share buy-back of up to during thesecond half of the year after the sale of its Brazilian business Banco Bradesco back in June.
