HSBC is planning to announce a huge swathe of job cuts next week, according to a report by UK broadcaster Sky News, which cited unidentified people close to the matter.<br /><br /> The report says between 10,000 and 20,000 people are set to lose their jobs.<br /><br /> Euronews’ request for comment from HSBC was declined.<br /><br /> Banking analyst Jim Antos said that the bank – which is Europe’s largest – needs to do more than cut staff to reverse its fortunes.<br /><br /> “It (the job cuts) is really unlikely to be an answer to their problems. The (HSBC) share price has been dead for several years now. And I think what the market is looking for is something pretty substantial, a new strategy.”<br /><br /> HSBC CEO Stuart Gulliver will announce the cuts at an investor meeting on 9 June, according to Sky, as part of an overhaul strategy for the bank.<br /><br /> Gulliver, who’s been in the job for four years, has been working to bolster earnings and reduce costs and has already overseen 50,000 job cuts.
