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Banking giant HSBC (LON:HSBA) is launching a $5bn-a-year cost-cutting drive that could hit up to 50,000 jobs worldwide.
HSBC, which has 266,000 staff globally, is set to slash up to 25,000 roles by streamlining IT and back office operations and closing branches.
The group is expected to cut up to 8,000 of its 47,500-strong UK workforce as part of the restructuring.
A further 25,000 jobs could be hit by plans to sell its businesses in Turkey and Brazil, although it plans to keep a Brazilian presence to serve big corporate clients.
It said it wanted to reduce group risk-weighted assets (RWAs) by about US$290bn as part of the move, which is aimed at refocusing the bank on Asia.
HSBC also plans to shrink its investment bank arm to less than one third of the group's $2.6trln balance sheet from its current level of around 40%.
And it is understood to be considering a sale of its UK business, which was known as the Midland Bank before being acquired by HSBC in 1992.
The group is undertaking a review of its global headquarters partly due to concerns about taxes and the potential exit of the UK from the European Union.
HSBC did not comment on speculation that it planned to move its headquarters out of London, saying only that it would complete the review by the end of this year.
The bank, which has been hit by fines, said the cuts would lead to one-off costs of up to US$4.5bn by 2017.
Chief executive Stuart Gulliver said: "The world has changed and we need to change with it. The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade."
Broker Investec said a move to Hong Kong could enable HSBC to off-load about 60% or some $1bn a year of its liability to the UK's banking levy.
"A decision on domicile is due by year-end; we think the financial logic for HSBC to escape the clutches of the UK (and Europe) is overwhelming. What possible reason is there to stay?" the broker said in a note.
Broker Shore Capital branded the news "uninspiring", saying it "essentially reaffirms previously held commitments around costs, returns and dividend policy."
It added: "The only piece of material new information appears to be the announcement that the company aims to reduce its risk weighted asset base by one quarter or US$290bn, with an emphasis on cutting back exposures in Global Banking & Markets to less than one third of the group total (versus 42% at December 2014). We question whether management will be able to achieve this and deliver on its commitment to grow revenue."
The reductions will allow HSBC to speed up investment in Asia, particularly in Guangdong province in China, and in the ASEAN region.
It hopes to expand asset management and insurance in Asia to cash in on emerging wealth in the region.
It also expects to achieve above-GDP revenue growth from its international network through investment in foreign exchange, payments and cash management, and global trade and receivables finance. It also expects to benefit from the internationalisation of China's renminbi.
It added that it would target a return on equity of greater than 10% by 2017 and progressive dividends to shareholders.