HSBC set to announce thousands of job cuts in Stuart Gulliver's strategic revamp

HSBC is set to reveal thousands of job cuts, details about its headquarters relocation and sale of businesses in Brazil and Turkey when CEO Stuart Gulliver outline the bank's strategic plan today (9 June).

The announcement will mark Gulliver's second major strategic plan since taking over at the start of 2011.

The bank is expected to axe between 10,000 and 20,000 jobs across the globe as part of its cost-cutting initiative. The headcount reductions will be implemented by the end of 2017. The bank employed 258,000 people at the end of 2014.

Gulliver is also expected to outline the criteria it will use to decide whether the Asia-focused bank should move its headquarters from London to Asia. The bank was ordered to separate its UK retail operation from its investment banking arm from 2009, as required by UK law.

In addition, there will be details about the bank's streamlining approach, which marks a reversal of its serial acquisition strategy of the past. Gulliver has already started the further sales of businesses in Brazil and Turkey, Reuters reported, citing industry sources.

Further, the bank is likely to announce a restructuring in its US and Mexico operations, along with plans to exit a number of smaller nations.

Having started his job at the bank in 2011, Gulliver has made significant changes at the institution. He has sold a number of businesses, which he felt were underperforming, and hired thousands more compliance staff amid intense regulatory oversight of the banking industry.

The bank was fined billions of pounds for misconduct dating back to the period before Gulliver took over. It is now facing sizable fines over alleged rigging of foreign exchange rates and in connection with the Swiss tax evasion scandal.