Bank employs more than 300,000 people worldwide.
The churn in investment banks, though less muted than in the heydays of 2007, is gathering speed. "The pent-up desire to move is very high at the moment," says R Suresh, managing director at head hunting firm Stanton Chase.
Gulliver had about $7.6 million pounds in a Swiss account in 2007.
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HSBC has clocked in 9 percent growth in profit for 2013 on cost control measures undertaken by the bank.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
An estimated 10,000 to 20,000 jobs will be axed, according to a media report
Delaying action on climate change will hurt growth: Global CEOs.
The job cuts will affect almost a fifth of the bank's workforce.
The bank is expected to report a pre-tax profit of $21 bn.
The bank has been at the centre of the black money and tax evasion scandal.
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