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Adam Vetttese, an analyst at multi-asset investment platform eToro, comments on the latest results from HSBC…“HSBC’s annual results today were expected to make for uncomfortable reading, but few – if anybody – expected profits to be down more than 30 per cent.

“The bank has taken drastic measures today, including plans to shed GBP77 billion of assets, 35,000 jobs and slashing the size of its investment bank, as it bids to return to growth.

“But there is no guarantee that these measures will make HSBC, which has trailed its rivals for some time, the competitive bank it is craving to become in the short-term at least, particularly with the current weakness in Asia, its key market.”