Banking giant HSBC looks set to shed thousands of jobs, according to Sky News sources within the company.

Chief Executive Stuart Gulliver is expected to announce between 10,000 to 20,000 redundancies by 2017 at an investor presentation on June 9.

The cuts will come mainly from its operations in Turkey and Brazil, which are both set for the chopping block. In April, the bank hired Goldman Sachs to find a bidder for its business in Brazil.

Gulliver also said earlier this year that businesses in Turkey, Brazil, Mexico and the United States need to improve or be auctioned off.

As of the end of 2014, HSBC employed 258,000 people worldwide.