New Delhi: In a new cost-cutting drive, investment banking company HSBC has planned to cut up to 10,000 jobs, stated a report.

The decision by interim Chief Executive Officer of HSBC Noel Quinn is more likely applicable on high-paid roles, stated a report by Financial Times. The reported loss of jobs will result in approximately 238,000 HSBC staffs losing their employment. This development has come after the lender announced to lay off about 4,000 people this year.

As per the report, the banking company is likely to announce the job cuts as a result of its cost-cutting drive later in October when it declares its third-quarter results. It must be noted that Noel Quinn took charge as the interim CEO of HSBC in August 2019 following the departure of John Flint. The bank, in fact, had said that the change in top leadership was necessary to address ‘a challenging global environment.’