HSBC has confirmed that it is axing between 7,000 and 8,000 UK jobs - one in six of its staff in Britain.
Up to 25,000 roles are expected to be shed globally, as part of a major cost-cutting and restructuring strategy.
The group also said it will "trim" branches in Britain and rebrand its UK retail banking business, as it prepares to moves its UK head office from London to Birmingham.
HSBC is expected to announce global job losses of up to 25,000 today - affecting 8,000 of the bank's 48,000 UK employees.
The bank said it is planning a reduction of around 10% of its full-time workforce.
Chief executive Stuart Gulliver will present an update to investors today and could also reveal more details of how HSBC will decide where to base its headquarters.
It recently announced that it was considering a move away from the UK following "regulatory and structural reforms".
The bank is seeking to deliver annual cost savings of around £2.9 billion to £3.3 billion by the end of 2017.
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.