HSBC has highlighted concerns in the UK and Europe as it signalled plans to accelerate the remodelling of the business following reports up to 10,000 jobs could be cut.

The London-based bank - the largest in Europe - described aspects of its UK and European results as “not acceptable”.

The bank surprised investors with its results as it reported that profit before tax fell 18 per cent to $4.8 billion in the third quarter of the year, and adjusted profit before tax was down 12% to $5.3bn.

Noel Quinn, HSBC interim chief executive, put the focus on the UK and European performance at a time when Westminster is struggling with the process of leaving the European Union under Brexit.

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The US and China’s trade tussle is also impacting the bank’s North American business, according to analysts.

In Europe, there was a reported profit before tax of $944m against $744m the year before and the adjusted profit before tax was $313m against $1.1bn for the same quarter in 2018.

The amounts were significantly below analysts’ forecasts, and included “additional customer redress provisions of $606m and $120m of severance costs”.

Mr Quinn, who took over in August after his predecessor was ousted by the board, said previous plans “are no longer sufficient” to improve these areas as revenue growth is expected to soften.

Revenue reduced by 3% to $13.4bn over the period, the bank said in a statement to the Hong Kong and London Stock Exchanges.

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It was earlier reported that up to 10,000 jobs might be at risk at the high street bank as Mr Quinn plans to rein in costs.

HSBC employs around 238,000 people.

The bank found a silver lining in Asia where many were concerned about the effects that ongoing protests in Hong Kong could have on the business.

Profit before tax rose 4% in Asia to $4.7bn in the third quarter of 2019 as the Hong Kong branch remained “resilient”.

Despite this, the bank said it was putting aside $400m “to reflect the economic outlook in Hong Kong”.

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Mr Quinn said: “Parts of our business, especially Asia, held up well in a challenging environment in the third quarter.

“However, in some parts, performance was not acceptable, principally business activities within continental Europe, the non-ring-fenced bank in the UK, and the US. “Our previous plans are no longer sufficient to improve performance for these businesses, given the softer outlook for revenue growth.

“We are therefore accelerating plans to remodel them, and move capital into higher growth and return opportunities.”

In August the bank said it was “not on track” in its US turnaround when it announced the departure of John Flint, its chief executive of less than 18 months.

Eric Moore, fund manager of FP Miton Income Fund, said that “there is not much to like” in the results.

He said that “with interest rates very low everywhere and yield curves very flat it is hard for all banks to deliver revenue growth”. He said: “Faced with this tougher backdrop, HSBC has little choice but to unleash further cost cutting.

“We will have to wait to the full year numbers in February 2020 to get the details but today HSBC does point to some areas where ‘performance was not acceptable’, namely parts of continental Europe, the non-ring fenced bank in the UK, and the US.

“Shareholders should brace themselves for further heavy restructuring charges and possible write-downs. This is pretty harrowing given the years of restructuring that shareholders have already had to endure.”

HSBC shares were down nearly 4%, or 24.3p to 593p on the news.