HSBC Holdings Plc (HSBA.L) could announce thousands of job cuts at a strategy day next week, Sky News reported on Monday, part of chief executive Stuart Gulliver’s overhaul of Europe’s biggest bank.

The plan could also see Gulliver sell operations in Brazil and Turkey and take a knife to HSBC’s investment bank.

An estimated 10,000 to 20,000 jobs will be axed, Sky News said, citing unidentified sources. The number has not yet been finalised and Gulliver will lay out the plans at an investor presentation on June 9, the broadcaster said. (bit.ly/1cu2n87)

HSBC declined to comment on the Sky report.

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