The Details: The members of staff at the receiving end of this job loss, are high-paid roles which will reduce the global workforce by 4% as the bank is struggling with falling interest rates, Brexit and global tariff wars.
Chief Financial Officer Ewen Stevenson said in August that the bank's returns from Europe were "unacceptable", while in the United States, the bank said it would miss the return target it had set for next year. He pointed to HSBC's appointment last month of banking veteran Philip Lee as its Singapore-based vice-chairman of global banking for South-east Asia - a newly created role.
Mr Quinn and Mr Stevenson are trying to find savings in each of the bank's four major divisions, which service multinational corporations, smaller businesses, retail customers and wealthy individuals, one of the people said.
The bank, which is Britain's second largest company by market value, last month announced the surprise exit of chief executive John Flint after just 18 months in the job but gave no reason for the decision.
However, the bank is not looking to cut back its high-growth business in parts of Asia where staff are generating revenue.
HSBC declined to comment when contacted by PA.
Cutbacks were already on the rise after the London-based bank began encouraging managers to look for greater savings through a program known internally as Project Oak. Barclays Plc, Deutsche Bank AG and Societe Generale SA are among those shrinking their workforces.
The HSBC stock had a better performance in September at the FTSE 100 compared to August. "We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia", Financial Times quoted an unnamed source as saying.
The bank was founded in 1865 in the former British colony as the Hong Kong and Shanghai Banking Corp. Protests in Hong Kong have hit the local economy, raising concerns about the impact they will have on the territory's largest lender.