Shares in HSBC reacted positively to a trading update on Wednesday but critics of the global bank said the statement illustrated the shortcomings of the group’s strategy.

Analysts said the trading statement suggested that impairment charges would be worse than previously expected in coming quarters. For the three months to end of September, HSBC recorded a $3.4bn charge against its US consumer finance business, $1.4bn more than would have been expected if first half trends had continued.