HSBC to cut up to 10,000 jobs in drive to slash costs

In a move to reduce costs, HSBC is reportedly planning to cut up to 10,000 jobs across the banking group.

According to a report in Financial Times, HSBC could announce the job cuts when it reports its third-quarter results later this month.

The plan represents the lender's most ambitious attempt in years to cut costs, the newspaper said, adding that it'll focus mainly on high-paid roles.

Noel Quinn became Interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address "a challenging global environment".