HSBC is cutting 8,000 jobs in the UK and could be cutting up to 50,000 positions at its banks across the world.
The bank is also in talks about moving out of Canary Wharf, with a decision expected by the end of this year.
The job losses will hit both the retail banking arm of HSBC as well as its investment bank and are thought to be a way to reassure shareholders that bosses are focusing on cutting costs.
The bank told Reuters on Tuesday, June 9, that about half the staff cuts will come from the sale of businesses in Brazil and Turkey, with the other half through consolidating IT and back office operations and closing branches.
It's unclear how many, if any jobs will go at Canary Wharf.