The wealth and personal banking arm of figures highlight the pressures on the banking sector that are forcing the bank to cut around 35,000 roles with the possibility of increasing the count over the coming months. The company is still exploring options for its US and French retail banking units. As a result of the low interest rate environment, HSBC scrapped its previous return on tangible equity (RoTE) target of 10 to 12 per cent by 2022 and now targets a return on tangible equity above 10 per cent in the 'medium term'."

Shares in the bank were down by 1.31 per cent mid-afternoon in London.