HSBC has warned it may be forced to axe even more jobs after three disappointing months in which profits fell almost a fifth.
Interim chief executive Noel Quinn said HSBC is planning to restructure its business after stating that performance in parts of Europe and the US was "not acceptable".
Quinn added that plans to improve these divisions were "no longer sufficient" and that it was "accelerating plans to remodel them".
HSBC announced profits of $4.8bn (£3.7bn) for the third quarter - down 18% on the same period last year. Only $100m of that figure was generated outside Asia, piling pressure on divisions to up their game in Europe and the US.
Underlying revenues fell 2% in the third quarter compared to a year earlier, to $13.3bn, with profits before tax down 12% to $5.3bn. That reflects a weak result in the investment bank, $606m of compensation to customers and $120m restructuring costs.
Conditions are expected to remain difficult going forwards, and as a result the group no longer expects to achieve its profitability targets for 2020 - although the bank still intends to sustain the dividend.
Quinn told Reuters there was "scope throughout the bank to clarify and simplify roles, and to reduce duplication," without providing any further details on potential job cuts.
Earlier this month, the bank, which employs 238,000 people, was reported to be planning up to 10,000 job cuts.