Global investment bank HSBC is mulling over job cuts which could reach 20,000 employees in a bid to reinvigorate share price performance and reassure investors, according to reports.
The exact number of job cuts HSBC group chief executive Stuart Gulliver is expected to confirm on 9 June at an investor day are unclear.
However, the move is part of a ‘revised target for headcount reductions’ of between 10-20,000 redundancies to be implemented by the end of 2017.
Europe’s biggest lender employed 258,000 people at the end of last year, but it has already abandoned a target set two years ago to reduce its employee base to between 240,000 and 250,000 by 2016 because of the fast-changing nature of bank regulation.
Shareholders are already waiting for the results of a review on HSBC’s review to move its headquarters away from the City of London to what analysts suggest is the likeliest destination of Hong Kong.
In April, HSBC was also reportedly considering the sale of its UK retail banking arm.
HSBC declined to comment ahead of next week’s presentation.