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Report: HSBC could cut up to 10K jobs in effort to save costs

HSBC Holdings PLC is undertaking new measures to cut costs, a move that could mean the end of up to 10,000 jobs across the company, the Financial Times reported, citing two people briefed on the plan.

According to the report, the latest effort will target high-paid roles and will be in addition to the 4,700 redundancies the company announced previously. HSBC employs about 238,000 people, according to the FT.

The U.K. lender is currently led by Noel Quinn on an interim basis following the abrupt departure of Group CEO John Flint in early August. Flint had only been in role for about a year and a half.

HSBC did not comment, according to the publication.