HSBC is planning to slash up to 10,000 jobs in a major cost-cutting drive by the bank’s new boss, according to reports today.

Financial workers’ union Unite has demanded a “comprehensive response” from the bank, after an insider told the Financial Times that HSBC’s new chief executive Noel Quinn intends to get rid of thousands of workers.

The source said that the decision was prompted by years of financial insecurity, the stress of global tariff wars, the constant uncertainty over the outcome of Britain’s departure from the European Union and ongoing riots in Hong Kong.

The cuts are expected to directly affect 4 per cent of the bank’s global workforce and to have a disproportionate impact on its European operations, which registered an unprecedented £520 million loss in the first half of this year.

It is currently unclear what jobs will be scrapped at the bank, which employs 41,000 people in Britain and 237,685 people internationally.

The move comes only two months after HSBC chief executive John Flint resigned “by mutual agreement.” He was replaced by Mr Quinn.

The rumoured cuts would come on top of 4,700 other workplace redundancies that were announced by HSBC over the summer, when the bank warned that it was facing “challenging” problems.

Unite national officer Dominic Hook said: “Staff across HSBC have this morning woken up to dreadful widespread media speculation about the future plans of their employer.

“Unite is appalled by press reports of 10,000 job cuts globally and has raised urgent questions with the management of the bank in order to get vital answers on behalf of our members working within HSBC.

“These stories of massive job losses require a comprehensive response by HSBC in order to reassure the workforce.

“This is a highly inappropriate way for staff to learn about any possible changes within the business and Unite will be holding the bank to account.”

HSBC has declined to comment on the FT report.