HSBC is to cut another 25,000 jobs by 2013 and exit operations in 20 countries.
The announcement came as the bank reported pre-tax profits for the first six months of the year of $US11.5 billion, up 3% on the $US11.1 billion a year earlier.
HSBC previously announced 5000 job cuts. Together, they amount to about 10% of the bank's total workforce, although the company stressed it will also be recruiting personnel by 2013.
Group chief executive Stuart Gulliver said the net number will be a lot smaller than the 30,000 (job losses).
As well as the cuts, the BBC reports the bank is closing its retail banking operations in Russia and Poland and selling three insurance businesses as part of pre-announced plans to save $US2.5 - $US3.5 billion by 2013.
On Sunday, it announced the sale of 195 retail branches in the United States, primarily in New York, to First Niagara Bank for about $US1 billion.
HSBC shares rose 3.4% in early London trading after the announcement.
Revenue for the first half was $US35.7 billion, with double-digit growth in Hong Kong, the rest of Asia Pacific and Latin America. However, US revenues fell.
HSBC is the first of the major banks in Britain to publish its half-year results. Lloyds Banking Group, Royal Bank of Scotland and Barclays are also due to report this week.