According to Reuters, HSBC plans to cut up to 10,000 jobs or 4% of its workforce in an effort to reduce costs.

Citing an article from the Financial Times, Reuters reported the cost-cutting plan stemmed from interim CEO Noel Quinn, who was selected for the position after the unexpected departure of former CEO John Flint in August.

Reuters added the workforce reduction comes on the heels of a gloomier-than-expected outlook for the company as the trade war between the U.S. and China drags on.