HSBC to cut up to 10,000 jobs in cost-cutting drive: FT

[MIAMI] HSBC has embarked on a cost-cutting drive that threatens up to 10,000 jobs, the Financial Times reported on Sunday, citing two people briefed on the matter.

The company is asking why it has so many people in Europe when it has double-digit returns in parts of Asia, one of the people said.

Any job cuts implemented as part of latest plan would come on top of 4,700 redundancies HSBC recently announced, and the cuts will focus on high-paid roles.

HSBC could announce that it has begun the cost-cutting exercise when it reports third-quarter results later this month.

HSBC declined to comment, the Financial Times said.