HSBC plans to cut some 35,000 jobs over the next three years and slash $100 billion in assets as it undertakes a huge restructuring following a steep drop in profits.
Quinn, who took over as acting CEO after the shock ousting in August of John Flint, has been tasked with transforming the sprawling global bank, which spans more than 50 countries but makes the vast majority of its profit in Asia.
"Depending on how the [coronavirus] situation develops, there is the potential for any associated economic slowdown to impact our expected credit losses in Hong Kong and mainland China", Quinn said.
The pre-tax profit drop - it pulled in $13.3 billion previous year, compared to almost $20 billion in 2018 - was due in large part to a $7.3 billion write-off related to its global banking and commercial banking teams in Europe.
The divison, including HSBC's investment bank, has continued to do less wll than its commercial retail banking businesses.
The profits fall, which was below analysts' expectations, was due to "a goodwill impairment" of £5.6bn, HSBC said.
Unite national officer for finance Dominic Hook said: "Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk".
Introducing the results, interim CEO Noel Quinn said: "The Group's 2019 performance was resilient, however parts of our business are not delivering acceptable returns".
Stock buybacks would be suspended for two years to pay for the bank's restructuring, with plans to invest $100bn in "higher returning areas" over the next three years, as well as pay $6bn in restructuring costs.
The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the coronavirus epidemic, Britain's European Union exit and lower central bank interest rates.
The bank said it planned to achieve a reduced adjusted cost base of US$31 billion or below in 2022, underpinned by a new cost reduction plan of US$4.5 billion, and return of tangible equity in the range of 10 per cent to 12 per cent in the same period.
Mr Quinn said he and his team had begun implementing a plan to "increase returns for investors, create the capacity for future investment, and build a platform for sustainable growth".
Quinn has been caretaker manager for six months but bizarrely HSBC says it could be another six to 12 months before it makes a full-time appointment.
HSBC addressed the impact of coronavirus on the bank. The bank reported a RoTE of 8.4% for past year, down from 8.6% in 2018.
The bank will also reduce its sales and research coverage in European cash equities with a focus on supporting equity capital market transactions, it said.
Deutsche Bank posted a loss for 2019 and is also restructuring and cutting thousands of jobs.