HSBC, the largest UK headquartered bank by assets, will cut up to an additional 14,000 jobs worldwide in an effort to save up to £2bn ($3bn) over the next three years.

The latest reduction in headcount would bring total employee numbers to a total of around 240,000 to 250,000.

The latest cuts are part of HSBC CEO Stuart Gulliver’s ongoing three year restructuring plan to reduce costs and increase profitability.

In the past two years, HSBC job cuts have totalled around 46,000.

During the same period, HSBC has disposed of or closed around 52 business units.

HSBC will continue to focus on selling assets and expanding its business in faster growing markets in Asia.

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