HSBC chief executive Stuart Gulliver is set to announce thousands of jobs losses across its global, according to reports.
It's believed that as many as 25,000 jobs could be on the line globally, with up to 8,000 of those in the UK.
Gulliver is expected to make the announcement at a meeting in Canary Wharf this morning, as he seeks to convince shareholders the bank is committed to cutting costs.
He will also discuss the possibility of relocating the bank's headquarters from the UK to Hong Kong. The bank has for some time complained about the reforms introduced in the UK following the financial crisis.
Chief among those is the bank levy, as well as the need to 'ring-fence' investment banking from traditional retail banking operations.
HSBC has been in the headlines for all the wrong reasons in recent months, after reports emerged alleged that it had helped thousands of account holders hide money from tax authorities.