HSBC is set to shed at least 10,000 jobs, or about 3 per cent of its headcount, as the global banking group implements sweeping cost cuts aimed at reversing falling revenues.

The cuts are part of a broad overhaul that analysts estimate could see up to 30,000 jobs eliminated over time, most of them outside the UK. The bank, which unveils first-half figures on Monday, is preparing to shut almost half of its 86 global retail businesses and reshape its commercial and investmentbanking divisions.

Stuart Gulliver, HSBC chief executive, is under pressure to provide more details on where the axe will fall after setting out broad plans to cut costs by up to $3.5bn over three years.

The HSBC job losses build on the grim trend that swept through Europe last week.

Credit Suisse and UBS, the big Swiss banks, announced deep cost-cutting programmes amid deteriorating markets and concern over the spiralling sovereign debt crisis.

At UBS, as many as 5,000 jobs are set to go across the group, including the bank's wealthmanagement arm. Credit Suisse is eliminating about 2,000 jobs, largely in its investment bank.

In the UK Lloyds Banking Group, announced 15,000 job losses in June while Royal Bank of Scotland, which has already shed 28,000 staff since the financialcrisis, is expected to further prune its headcount.

Barclays has been shedding staff for months with Barclays Capital, its investmentbanking arm, cutting about 600 people worldwide since January and its retail business losing almost 2,000.

Goldman Sachs, the US investment bank, was the first to announce a substantial cull of jobs in June, saying it was trimming 1,000 jobs after a poor performance by its fixed-income trading division.