The British bank HSBC may be scrapping some 10,000 jobs. Plans for this are currently being worked out by the new interim chief executive Noel Quinn, according to business newspaper Financial Times on Monday.

The newspaper relies on insiders, who speak of the most ambitious proposals within the financial group to control costs. Approximately 238,000 people work at HSBC worldwide. Many banks cut the workforce to reduce costs because they suffer from low interest rates, international trade tensions and brexit uncertainty.

Deutsche Bank, for example, announced in August that it would cut 18,000 jobs. Barclays, Société Générale and Citigroup have also announced job cuts. The reorganization at HSBC comes on top of a recently announced plan whereby 4,700 jobs will disappear. HSBC did not want to respond.