It was the bank's second warning on its financial performance in just over six months. The bank said operating profit for the first half of this year would fall about 20%, reducing profits for all of 2014.
Analysts now expect profit to fall by about 10% for the full year after previously forecasting a small rise based on the bank's earlier guidance.
In a trading update, he said: "This has been a disappointing first half, with difficult trading conditions, particularly in financial markets. We are making good progress against our refreshed strategy and are taking the right actions in response to a challenging environment - managing costs very tightly, disposing of non-core businesses and optimising the deployment of capital."
In March, Sands said the bank expected modest growth in revenue and profit this year after profit for 2013 dropped 7% to
After withstanding the financial crisis and being feted as the star of British banking, things have turned rocky for
Writedowns on problem loans will rise by a "high-teens percentage" in the first half, an increase the bank said was in line with expectations. It was also hit by a
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