HSBC Holdings reported a sharper-than-expected drop in profit on Wednesday, hurt by write-downs from exposures to a Chinese bank and Hong Kong real estate, while the bank pushed ahead with a global restructuring.

The FTSE 100 listed global bank saw its pre-tax profit come in at $6.3bn (£4.72bn) in the three months to May 31, down from $8.8bn a year ago and below analyst expectations of $6.99bn.

CEO Georges Elhedery flagged “structural challenges” to the global economy that have caused uncertainty and market volatility, citing “broad-based tariffs.”