Banking giant HSBC is to cut up to 25,000 jobs globally including 8,000 in the UK.
The bank, which employs large numbers of people across Nottinghamshire, said it was planning a reduction of around ten per cent of its full-time workforce as part of an overhaul to slash costs and reshape the business.
Between 22,000 and 25,000 will be axed globally including 8,000 in the UK, where HSBC has around 48,000 employees.
The group also announced aims to sell its businesses in Turkey and Brazil, which will see its workforce reduce by around another 25,000.
It comes as the bank seeks to deliver annual cost savings of between £2.9 billion and £3.3 billion by the end of 2017.
HSBC also confirmed it would finish its review of where to base its headquarters by the end of the year, after announcing recently that it was considering a move away from the UK due to regulatory and structural reforms.
The bank’s chief executive Stuart Gulliver said the actions would transform the organisation, and added: “We recognise that the world has changed and we need to change with it.”
Dominic Hook, Unite national officer for finance, said: “Unite are seeking to meet with UK chief executive Antonio Simoes as soon as possible to demand that any redundancies are through voluntary means or managed through natural attrition.
“After all the scandals of recent years, frontline staff have suffered time and time again as they are forced to pay for the mistakes of others with their jobs, their terms and conditions and their reputation.”