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Standard Chartered, the London-listed bank with almost all its business outside the UK, has warned about the impact of trade wars on its business.
"Escalating trade tension and other macroeconomic factors are affecting sentiment in emerging markets," the bank said in its third quarter results.
There is another warning too: the possibility of "a substantial financial impact" from ongoing investigations by the US and UK regulators.
The American probe relates to historical violations of US sanctions laws and regulations, and the one with the Financial Conduct Authority is about financial crime controls.
It has warned about these investigations on a number of occasions and says "concluding these historical matters ... remains a focus of the group".
Profits for the nine months to September were up 35% to $3.4bn.
Shares are 4.4% higher at 556p in morning trading.
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