HSBC plans to cut 8,000 jobs in the UK in savings drive. One of the world's biggest banks, HSBC, has announced details of a major cost-cutting exercise. It's to axe up to 25,000 jobs around the world as it tries to reduce costs. It will also sell its businesses in Brazil and Turkey, and reduce the value of its riskier assets by almost 300 billion dollars. Many of the job losses will be in Britain, where the bank currently has its headquarters. A decision on whether to move from London will be made later in the year. HSBC's chief executive, Stuart Gulliver, said it was time to recognise that the world had changed, and that growth in Asia had to be the new focus.