HSBC is set to intensify the biggest shake-up in its 155-year history, putting even more jobs at risk.
The bank had already announced it was axing 35,000 posts this year as it shrinks European and US operations and scales back its investment bank.
But due to the pandemic, the lender now thinks its overhaul may need to be even more radical.
HSBC, which is mainly focused on Asia, warned last month that it was bracing for £8.8billion worth of loans to turn sour this year, as Covid-19 wreaks havoc.
Though the crisis initially caused executives to pause the layoffs, they are now keen to cut costs further.
This could include more job losses, and even a sale of its US business and French retail banks, the Financial Times reported.
HSBC’s boss Noel Quinn will be especially keen to make his mark on the bank, after being appointed permanently in March.