HSBC has announced that profits have slumped by 82% after a year of "unexpected economic and political events".

The London-based bank, which is Europe's largest, said net profit for 2016 slipped to £2 billion from £10.8 billion the year before.

Annual revenue fell 18.5% to £38.6 billion and in the most recent quarter, its net loss grew to £3.5 billion from £1 billion the previous year.

Douglas Flint, the group's chairman, said: "2016 will be long remembered for its significant and largely unexpected economic and political events.”

Mr Flint also reiterated that 1,000 jobs may have to move from London to Paris over the next two years depending on the outcome of Brexit negotiations.

He added the company's growth was threatened by Brexit negotiations as well as Donald Trump's US presidency.

Mr Flint said: "We highlight the threat of populism impacting policy choices in upcoming European elections, possible protectionist measures from the new US administration impacting global trade, uncertainties facing the UK and the EU as they enter Brexit negotiations, and the impact of a stronger dollar on emerging economies with high debt levels."