By Jonathan Davies
HSBC has announced plans to cut around 8,000 jobs in the UK.
The largest bank in Europe said the cuts will come in its investment and retail banking divisions, and are part of wider plans to cut nearly 10% of its global workforce.
HSBC employs around 48,000 people in the UK and 266,000 worldwide. It plans to cut around 25,000 jobs around the world.
It said the cuts are designed to reduce costs by around £3.25 billion and simplify its business.
But HSBC will 'ringfence' its British business, by selling others in Brazil and Turkey.
"We recognise that the world has changed and we need to change with it. That is why we are outlining the following... strategic actions that will further transform our organisation," chief executive Stuart Gulliver said in a statement.
"Asia [is] expected to show high growth and become the centre of global trade over the next decade," Mr Gulliver said. "Our actions will allow us to capture expected future growth opportunities."
HSBC is due to decide whether or not to keep its headquarters in the UK by the end of the year.