Banking giant HSBC is to cut up to 10,000 jobs, according to reports.
The Financial Times says interim chief executive Noel Quinn is putting in place the banks' 'most ambitious attempt to rein in costs in years'.
One source told the FT: “There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.”
HSBC already announced, 4,700 job cuts and the latest move would reportedly be in addition.
HSBC has declined to comment but is likely to make any announcement later this month with its third-quarter results.
It is believed the latest job cuts will focus mainly on high-paid roles.
