HSBC expected to unveil thousands of job cuts

Emma Haslett
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The bank has been hit by allegations it helped customers evade tax (Source: Getty)

HSBC is expected to unveil thousands more job cuts as the lender attempts to improve profitability.

Chief executive Stuart Gulliver is thought to be planning to reveal plans to slash as many as 20,000 jobs at an investor presentation next week, Sky News reported.

The scandal-hit bank has been under pressure from shareholders in recent months. When he took the reins in 2011, he suggested as many as 25,000 job cuts would be needed at the bank.

HSBC has come under fire from investors and politicians alike after its Swiss private banking arm was accused of helping thousands of customers evade tax.

It has also struggled with the impact of new banking legislation. Having unveiled plans in March this year to move 1,000 head office jobs from Canary Wharf to Birmingham as part of new ring-fencing regulations, a month later chairman Douglas Flint confessed it was eyeing a move abroad.

The bank is thought to be planning to use the strategy day next week to outline the methodology it will use in deciding where - and if - it should move its headquarters.

Over the weekend, the bank was thought to have launched an internal investigation after it was accused of clearing payments related to the Fifa corruption scandal.

HSBC was not available for comment.

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