With the strategic direction of Europe’s major banks already firmly in focus in the wake of Monday’s changes at the top of Deutsche Bank, HSBC has taken the opportunity to update investors and analysts on its own plans to boost returns, cut costs and refocus operations by 2017.

At an investor day on Tuesday all eyes were on chief executive Stuart Gulliver and other senior figures as HSBC outlined plans for a strategic and business recalibration that will bring thousands more job cuts, a further scything of assets at its investment bank, and a shift in focus and investment at the unit it hunts global growth.