HSBC has said that it plans to cut thousands of jobs in the UK and 20,000 worldwide, as the bank refocuses its business on Asia.
Sky News reports that HSBC had not yet officially revealed the exact number of job cuts in the UK but the figure was expected to be about “7,000 to 8,000”.
It is not believed that the bank will confirm today the exact number of cuts in the UK.
The bank has 47,500 UK-based employees and around 266,000 workers globally.
HSBC has confirmed it is to exit Turkey and Brazil, countries it does not consider core to its business. The bank has also confirmed a timescale on a decision regarding where it domiciles its business. This review is now expected to take place in 2015.
Currently the bank is headquartered in London but is to reassess this position in light of a number of factors, not least the bank levy and the fact that bank's focus is increasingly on Asia, not Europe.
The bank is believed to be seriously considering a move away from its London home and making Hong Kong its headquarters.
Earlier this year, HSBC confirmed that it was to leave its imposing office in Canary Wharf and relocate it's UK head office from London to Birmingham by 2019.
The bank is understood to be considering a sale of its UK business, which was known as the Midland Bank before being acquired by HSBC in 1992.
