An estimated 10,000 to 20,000 jobs will be cut, Sky News said, citing insiders. The exact number has yet to be finalised and will be announced next week, it added.
The job cuts will not impact HSBC's scale of operations in Brazil and Turkey, and will not take account of a possible eventual separation of HSBC's UK arm, Sky News said.
HSBC declined to comment.
In February Gulliver said businesses in Turkey, Brazil, Mexico and the United States needed to improve or be sold.
Read MoreHSBC swaps private banking unit CEOs
Reuters reported in February that ING Group, BNP Paribas and Bahrain-based Arab Banking have submitted bids to buy HSBC's Turkish business unit.