HSBC Holdings PLC (LSE:HSBA) is reportedly looking to save as much as US$3 billion (£2.4 billion) through its overhaul under new chief executive George Elhedery.
Bloomberg-cited sources said managers had been informed of the rough target last week and told the corporate surgery would take until June next year to complete.
Reports emerged last month that HSBC was to shed hundreds of senior jobs under the reshuffle, with staff told to reapply for roles in its newly established corporate and institutional banking division.
HSBC had unveiled plans to split its global operations from three to four businesses in October.
These were to include Hong Kong and UK divisions, alongside corporate & institutional banking, and international wealth & premier banking wings.