HSBC, Europe's biggest bank, is planning to cut 20,000 jobs around the world as it tries to reduce costs and simplify its business.

That accounts for more than 7% of its 266,000 jobs globally. About 8,000 of those cuts will happen in the UK.

The bank will also sell businesses in Turkey and Brazil, it said on Tuesday.

HSBC is also reviewing whether to move its headquarters out of the UK, and will make a decision by the end of the year.

Source: BBC