London: HSBC Bank on Tuesday said it would cut about 50,000 jobs as part of a global overhaul to improve the profitability of its extensive operations.

HSBC would shed 22,000-25,000 full-time jobs, or about 10 percent of its work force, through restructuring by the end of 2017, HSBC said.

The bank also plans to cut an additional 25,000 positions through the sale of its under-performing businesses in Brazil and Turkey.

The bank would increase its investment in Asia, where it generates more than half of its revenue, while it seeks to reduce costs by up to $5 billion annually within 2 years.

HSBC's chief executive Stuart Gulliver is under pressure to satisfy investors amid recent scandals that have damaged the bank's reputation and as HSBC faces an increasingly challenging regulatory environment in the UK and across the world.

On Tuesday, investors did not seem impressed with HSBC's shares down about 1.2 percent in late morning trading in London. The stock value has fallen about 2.5 percent over the past year.

Between 2011 and 2014, HSBC cut about 37,000 jobs, but it has not benefited as much as it had hoped from the move because costs linked with regulatory compliance rose steeply in recent years and its returns in Asia were disappointing.

In the past 4 years, HSBC spent more than $11 billion on compliance and regulatory charges as it faced many investigations and agreed to a series of settlements related to accusations of money laundering and the rigging of foreign exchange markets. The lender also faced inquiries into its small Swiss private bank operation, as prosecutors examine whether it assisted wealthy clients avoid taxes.

It would slash risk-weighted assets, a measure of the risk of the capital it holds, by 25 percent, or about $290 billion. About half of those reductions will come from investment banking business, HSBC said.

Gulliver identified the Turkish and Brazilian businesses in February among four problem markets where the bank would seek more extreme restructuring measures if returns did not improve. HSBC is also seeking improvement in its operations in the US and Mexico.

Though, HSBC sought to reduce costs by up to $5 billion annually within 2 years, it expected to book restructuring costs of $4 billion to $4.5 billion over that period.

HSBC announced in April that it was officially reviewing whether to move its headquarters from the UK. The lender is facing a shifting regulatory landscape in the UK that includes a bank tax that has hit British lenders hard.

According to the British Bankers' Association, the British government has increased the bank tax, nine times since it was introduced, taking in 5.3 billion pounds, or about $8.1 billion.

Since 20212, HSBC's payment has more than doubled. The tax cost HSBC about $1.1 billion in 2014, when HSBC reported a profit of $13.7 billion.