HSBC Holdings plc (HSBC) - Get Report shares slipped lower Monday after the Financial Times reported that Europe's biggest bank is set to slash as many as 10,000 jobs from its global workforce.

The reported cuts are much larger than the bank's official plans, unveiled in August, to eliminate around 4,700 people in move it said will cost between $650 million and $700 million in severance payments and would represent one of the biggest cost-cutting drives in nearly a decade.

HSBC shares were marked 0.8% lower in the opening hour of trading in London, compared to a 0.06% decline for the broader FTSE 100, and changing hands at 597.1 pence each.

Reports of the job cuts, as well as the bank's broader cost-reduction drive, follows the surprise summer departure of CEO John Flint, who stepped down after less than two years at the helm of the Asia-focused lender after failing to gain traction for a business strategy that relied heavily on growth in the region.

Flint, a 51-year-old HSBC veteran who was tapped to replace Stuart Gulliver as group CEO in February of last year, was replaced by interim CEO Noel Quinn in a move that chairman Mark Tucker said was needed to order to accelerate the bank's turnaround strategy, which will continue to focus on Asia growth and the under-performance of its U.S. businesses.

"It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as Group Chief Executive. I am grateful to my wonderful colleagues at the Bank for their support during my career, and I am proud of what we achieved together," Flint said in a statement at the time.

HSBC said in August that pre-tax profits for the six months ending in June rose nearly 16% from the same period last year to $12.41 billion, thanks in part to a boost in retail banking revenues in Asia, where the London-listed group earnings more than 80% of its profits.

The bank cautioned, however, that lower global interest rates, rising U.S.-China trade tensions and the uncertainty surrounding Britain's exit from the European Union could weigh on sentiment -- and its broader bottom line -- over the second half of the year.