HSBC will be reducing its headcounts in its commercial banking arm.
According to an online article from SkyNews, the bank aims to cut up to 2,000 jobs over the next two years of which includes hundreds of UK-based positions.
The job cuts are part of an effort indicated in June, that will eliminate around 50,000 roles by the end of 2017.
Additionally, HSBC joins other banks such as Credit Suisse, Deutsche Bank and Standard Chartered that are attempting to control costs by cutting UK-based jobs.
An HSBC spokesman was quoted as saying, “As flagged in our investor update we have targeted significant cost reductions by the end of 2017, and we continually review and manage our overall headcount requirements."
About half of the initial 50,000 job cuts will be accounted for by the sale of most of HSBC’s operations in Brazil and Turkey.