HSBC looks set to focus its cost-cutting on parts of Europe as its interim chief executive promised to speed up plans to “remodel” its business after an 18% slide in profits across the group.

Noel Quinn, who was installed as interim chief executive of Europe’s largest lender in August, when John Flint was ousted from the role after just 18 months, said performance in parts of HSBC’s business was “not acceptable”. Continental Europe and the US were among those singled out for criticism.