Banking giant HSBC Holdings Plc (NYSE: HBC) is considering slashing more than 10,000 jobs in an effort to cut costs by up to $3.5-billion annually, according to a report in Britain’s Sky News.

Stuart Gulliver, the recently named chief executive of HSBC, said in May he had a comprehensive plan in mind to reduce overheard by, among other things, quitting several countries and by focusing on profitable core businesses. However at that time, Gulliver did not specify how many jobs would be eliminated.

Gulliver had warned that Europe’s largest bank “clearly [has] a cost problem.”

HSBC, which has a global workforce of about 300,000, is due to release its half-year performance results on Monday. At that time an announcement on job reductions could be made.

A prominent company shareholder told Reuters: "There was a lot of talk about streamlining going on at the last strategy day, so I suppose this is a function of that. It is a quite sprawling bank, and I wouldn't be surprised if it has got a bit bloated here and there.”

The global banking and financial industry is undergoing a wave of layoffs in response to tepid profits and market volatility. Credit Suisse, UBS, among other have already enacted job cuts.