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 per cent of its full-time workforce.
It is thought 8,000 jobs could be impacted in the UK, where HSBC has around 48,000 employees.
However, it will not impact on its plans to move its UK bank head office to Birmingham by 2018, which will bring at least 1,000 jobs to the city.
HSBC has bought the new headquarters of its business, personal and retail office at Arena Central and is signed up to a 250-year lease .
However, in the meantime there are some harsh cuts planned to the global operations including selling 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 £2.9 billion to £3.3 billion by the end of 2017.
HSBC considering moving its global headquarters, which presently remains in London, and is undertaking a review into it by the end of the year.
HSBC boss Stuart Gulliver is reportedly set to announce thousands of job cuts when he presents an update to investors today.
The Birmingham move comes amid new rules demanding certain bank operations are ring-fenced from riskier investment roles.