UP to 25,000 jobs – including a reported 8,000 in the UK – are to be lost at banking giant HSBC.

The bank said it was planning a reduction of around 10 per cent of its full-time workforce as part of an overhaul to slash costs and reshape the business.

HSBC employs about 48,000 people in the UK, but it is not known how many, if any, jobs will be affected in Worcestershire.

The group has also announced aims to sell its businesses in Turkey and Brazil, with a loss of another 25,000 jobs.

The announcement comes as the bank seeks to deliver annual cost savings of up to $5 billion, about £3.3 billion, by the end of 2017.

As part of a “significant” reshaping of the business the bank has also confirmed it would finish its review of where to base its headquarters by the end of the year, after announcing recently that it was considering a move away from the UK due to regulatory and structural reforms.

The announcement came ahead of an investor presentation on HSBC's strategy by chief executive Stuart Gulliver.

He said the actions being taken would "transform our organisation".

He added: "We recognise that the world has changed and we need to change with it."

The bank has branches in Worcester, Droitwich, Pershore, Stourport, Evesham, Ledbury, Bromsgrove, Bewdley, Kidderminster, Tewkesbury, Redditch and Stourbridge as well as two in Malvern