HSBC Plc plans to cut its workforce which may account for more than 10,000 employees, as the bank seeks to cut its costs, reported Sky News, citing the sources with the knowledge of the matter.

Sky News adds that the plans of the bank have not been yet finalized. Meantime, officials at the company provide no comments.

Across the globe HSBC has about 330,000 employees and the report about staff contraction comes as earlier in May the bank said it was looking for sustainable cost savings of $2.5 billion to $3.5 billion in order to reach a cost efficiency ratio target of 48-52 percent by 2013.