Banking giant HSBC is to axe up to 25,000 jobs worldwide as part of cost-cutting measures aimed at improving its financial performance.
As many as 8,000 of the cutbacks at Europe’s biggest bank will affect UK-based positions.
Industry sources say HSBC’s Chief Executive Stuart Gulliver will also axe businesses in Brazil and Turkey and will announce plans to restructure operations in the US and Mexico.
It marks his second major strategic plan since taking the helm in 2011. In four and a half years, Gulliver has already reduced the bank’s workforce to 257,000 from 296,000, in an effort to show HSBC is not too big to succeed.
Gulliver is also expected to announce the criteria he will use to decide whether or not to move the headquarters from London, as he shifts the bank’s focus towards Asian markets.