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.