HSBC to announce 'thousands' of job cuts

HSBC boss Stuart Gulliver is reportedly set to announce thousands of job cuts when he presents an update to investors today.

Banking giant HSBC is to cut between 22,000 and 25,000 jobs globally including a reported 8,000 in the UK as part of an overhaul to slash costs and reshape the business.

The bank said it was planning a reduction of around 10% of its full-time workforce.

It is thought 8,000 jobs could be impacted in the UK, where HSBC has around 48,000 employees.

The group also announced aims to sell its businesses in Turkey and Brazil, which will see its workforce reduce by around another 25,000.

It comes as the bank seeks to deliver annual cost savings of around US $4.5 billion to $5 billion by the end of 2017.

HSBC also confirmed it would finish its review of where to base its headquarters by the end of the year, after announcing recently that it was considering a move away from the UK due to regulatory and structural reforms.