HSBC is planning to cut 10,000 jobs in a bid to cut costs, the Financial Times has reported.
The newspaper cited two people briefed on the matter on Sunday.
This is reportedly part of interim CEO Noel Quinn’s plan to cut costs.
Quinn was appointed in August; his predecessor had been in the role just 18 months.
What does this mean?
According to the FT, HSBC is looking at the cost effectiveness of the different markets it operates in. Since a large proportion of the business’ profits come from Asia, it’s likely HSBC’s European operations will see cuts.