Europe's biggest bank HSBC plans to cut up to 10,000 jobs according to a report in the Financial Times, most of them high paid positions.
The FT cites two sources who say the mass layoffs are part of a bigger drive to cut costs led by interim chief executive Noel Quinn.
The bank is facing political turmoil in its key market Hong Kong with anti-government protests that show no signs of slowing.
However, according to Alex Wong, a financial analyst in Hong Kong, for now the bank's job cuts will be focused instead on Europe.
(SOUNDBITE) (English) DIRECTOR, ASSET MANAGEMENT, LEVERAGE PARTNERS ABSOLUTE RETURN FUND, ALEX WONG, SAYING:
"Hong Kong will be affecting the business later on, so I think in the meantime, they are just looking at the operations in Europe, because that is the side which is underperforming (in) the whole company."
According to the FT, HSBC may announce the cuts when it reports third-quarter results later this month.
HSBC already said it would be laying off about 4,000 people this year.
On top of protests in Hong Kong, the bank said it's facing other challenges globally like the trade war between China and the U.S. as well as Brexit uncertainty.