HSBC Holdings PLC plans to close more than 10 branches in high-street locations to cut costs, The Times reported.

The closures will begin before the company announces its full-year 2019 results in February, the newspaper reported, citing sources. The bank shut down five branches in 2019.

Interim CEO Noel Quinn, who is leading the race for the CEO role, may cut down its investment banking division, the newspaper reported.

HSBC was planning to lay off 100 employees in its equities division, mostly from Europe and Asia.