One of the world’s largest banks, HSBC, has embarked on a cost-cutting drive that threatens up to 10,000 jobs, as its new interim Chief Executive Noel Quinn seeks to make his mark on the bank, Financial Times reported.

The plan represents the lender’s most ambitious attempt to rein in costs in years, said two people briefed on it, who said it would result in a substantial reduction in HSBC’s headcount of roughly 238,000, Financial Times reported. “We’ve known for years that we need to do something about our cost base, the largest component of which is people — now we are finally grasping the nettle,” said one of the people.

“Any job cuts implemented as part of the latest plan would come on top of 4,700 redundancies that HSBC recently announced amid what it described as “an increasingly complex and challenging global environment” characterized by low interest rates, trade conflicts and Brexit uncertainty, Financial Times reported.