HSBC plans to cut 10,000 jobs, the equivalent of 4% of its global workforce, according to a report by the Financial Times.
The cuts will be at high levels of the bank and come as as interim CEO Noel Quinn aims to reduce costs across the company, two sources told the paper. It's not clear which regions would be most affected by the cuts.
The reported job cuts come on top of 4,700 that were announced in August, along with the surprise departure of former CEO Joe Flint.
The bank could unveil the job cuts when it reports its third-quarter results this month, the Financial Times reported.
“HSBC has a structural profitability challenge in the Americas and Europe, and headcount reduction may be appropriate," analysts at Citigroup Inc., told Bloomberg.
The cuts come as other European banks including Deutsche Bank, Societe Generale SA and Barclays are eliminating thousands of positions, as a result of low interest rates and a slowing economy.
There have also been conflicting reports regarding HSBC's French retail arm.
The Wall Street Journal reported last month the bank planned to sell its French retail operations as part of a restructuring plan put in place by Quinn to cut businesses where the company lacks scale or strategic need.
A union representative, however, denied the reports, according to Reuters.
During a meeting between union representatives and local management, the bank said it is closing nine branches, but selling the business was not on the table, the source told the wire service.
The Financial Times report follows the bank's announcement that it plans to ramp up its North American presence.
The bank said in June that it aims to boost its branch network in the U.S. That includes hiring more than 300 employees and adding 50 branches in new and existing markets.