Europe’s biggest bank by market value could cut thousands of jobs this year, as part of a strategic restructuring plan.

An HSBC spokesman refused to comment on whether the cuts will affect its global private banking unit, saying that the cost reduction is "global".

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Despite reducing its headcount by more than 40,000 over the past two years, the plan could concern another 5,000 to 10,000 employees.

 

High goals to reach
The group is set to save between $2.5 and $3.5bn by the end of the year as chief executive Stuart Gulliver aims to find a further $1bn of annual savings in 2013.

Although HSBC announced a $3.6bn "sustainable annual savings" with its 2012 results, the target to bring its cost:income ratio to between 48% and 52% is far from reached, currently sitting at 62.8%.

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The restructuring plan is set to be explained at an investor day in May.