Europe’s largest bank, HSBC, has announced plans to cut about 50,000 jobs in its branches across the world to reduce costs and bolster shareholders’ returns.

According to the announcement, which was made on Tuesday, the plans are part of a restructuring scheme that will see the banking giant cease its operations in Brazil and Turkey, as it also mulls removing headquarters from London, AFP reported.

The bank issued a statement noting that it intends to save up to USD 5 billion (€4.4 billion) in annual costs within 2.5 years in a bid to bolster profitability and shareholders’ returns.

"HSBC is now undertaking a significant reshaping of its business portfolio," said the bank, which will be marking its 150th anniversary this year.

The bank’s statement added that HSBC "is redeploying resources to capture expected future growth opportunities” and adapt “to structural changes in the operating climate."

According to HSBC sources, there will be a 10-percent reduction in jobs, with between 22,000 and 25,000 classified under "transformation savings."

A total of 25,000 more jobs will be slashed when HSBC sells its operations in Turkey and Brazil.

"We recognize that the world has changed and we need to change with it," said chief executive, Stuart Gulliver, who added, "That is why we are outlining ... actions that will further transform our organization."

Gulliver also confirmed that between 7,000 and 8,000 jobs will be cut in Britain. Following the layoffs, the bank plans to relocate its headquarters from London to Birmingham, in central England, by 2019.

The job cuts will reduce HSBC’s employees to about 208,000 full-time equivalent staff by 2017, down from 295,000 at the end of 2010 and 258,000 at the end of 2014.

The bank has been rocked by the revelations that its Swiss private banking arm helped wealthy clients evade taxes.

Also in early April, secret documents revealed that HSBC has profited from doing business with arms dealers, who channeled mortar shells and bombs to child soldiers in Africa, traffickers in blood diamonds, and other international outlaws.

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