HSBC warns of restructuring pain ahead as outlook darkens

The latest HSBC restructuring comes in a gloomy business environment, including an escalating Sino-U.S. trade war, Britain's protracted withdrawal from the European Union, an easing monetary policy cycle, and unrest in Hong Kong.

HONG KONG/LONDON: HSBC Holdings Plc dropped its 2020 profit target, reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.

Quinn branded the lender's sluggish performance in Europe and the United States as "not acceptable", but said investors may have to wait until early next year to hear his full plans to "remodel" Europe's biggest bank by assets.