One of Europe's largest banks is set to make an announcement next week about job cuts. Sources close to the matter have disclosed that HSBC's chief executive officer, Stuart Gulliver, will address the matter at the June 9 shareholders meeting, according to Bloomberg.
While the exact number is still not confirmed, the sources said that about 20,000 people will be laid off from the company globally. Based on its annual report for 2014, the company currently employs over 266,000 workers around the world.
At the same shareholders meeting, the company will also be announcing its latest plans to relocate outside of Britain, which has been its headquarters since 1992 (it was previously headquartered in Hong Kong). HSBC's head said that the location change, largely affected by increased bank regulations and taxations in the region, could affect about 250 jobs, according to The Guardian.
The financial giant is still recovering losses brought about by allegations that it had aided clients in dodging taxes in its Swiss bank accounts, according to the Daily Mail. In 2012, the company was also fined by regulators in the United States for helping Mexican drug cartels launder billions of dollars.
The company is also in hot water for the latest FIFA scandal, which alleged that its officials received bribes and broke anti-money-laundering laws.
HSBC—which was founded in 1865 in Hong Kong and Shanghai—has declined to comment on the matter, but the cuts will reportedly be implemented by 2017, according to Channel News Asia.
This news comes as J.P. Morgan announced that it will be cutting 5,000 jobs in the United States in an effort to curb expenses.
