UK-based HSBC is reportedly preparing to cut thousands of jobs across its global workforce in a drive to reduce its costs after a series of reputational crises.
The bank will reduce the number of employees by laying off around 10,000 to 20,000 people, reported Sky News.
According to the news portal, HSBC CEO Stuart Gulliver will disclose a revised target for headcount reductions to shareholders on 9 June 2015, which will be implemented by the end of 2017.
The job cuts will not impact HSBC’s scale of operations in Brazil and Turkey, and will not take account of a possible separation of HSBC’s UK arm, Sky News revealed.
The lender hired about 258,000 employees at the end of 2014.