Business News

HSBC to cut thousands of jobs globally: Sky News with Reuters
Logo of HSBC bank
Adam Jeffery | CNBC

HSBC Holdings is planning to cut thousands of jobs globally and is set to make an announcement next week, Sky News reported on Monday, citing unidentified sources.

Chief Executive Stuart Gulliver will lay out these plans next week on June 9 at an investor presentation, the broadcaster said.

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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.

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Reuters reported in February that ING Group, BNP Paribas and Bahrain-based Arab Banking have submitted bids to buy HSBC's Turkish business unit.

Paris prosecution

Meanwhile in Paris, the French prosecutor's office on Tuesday demanded that HSBC be forced to pay a 1 billion euro ($1.1 billion) bail to cover a potential fine after the bank was put under formal investigation over allegations it helped customers dodge tax, a judicial source told Reuters.

HSBC's appeal against the bail - which magistrates want to be paid before June 20 - was examined by the Paris appeal's court on Monday, the source added.

HSBC Holdings was placed under formal investigation in April.