HSBC has revealed its net profit plunged 82% in 2016, with “largely unexpected economic and political events” to blame.
Net profit stood at $2.48bn (£1.99bn) for the year, compared with $13.52bn (£10.87bn) in 2015.
In the final quarter of 2016, the bank swung to a $3.45bn (£2.77bn) pre-tax loss.
Making a statement to the Hong Kong Stock Exchange, HSBC group chairman Douglas Flint reaffirmed earlier reports that 1,000 roles may be moved from London to Paris – depending on how Brexit negotiations pan out over the next two years.
HSBC has been struggling to boost profits since June’s Brexit vote – with stricter capital rules and low interest rates also impeding its performance.
In 2015, it announced a radical overhaul to cut annual costs by $5bn (£4bn) over two years by shedding 50,000 jobs worldwide, exiting unprofitable businesses and focusing more on Asia.