May 15, 2013 11:34 AM EDT

HSBC Considers Slashing Up to 14,000 More Jobs: Report

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HSBC said Wednesday it could cut another 14,000 jobs as part of a restructuring plan to reduce costs and increase profitability.

 The bank is aiming to save another $3 billion in annual costs as tougher regulations eat into profits.

Stuart Gulliver, chief executive of HSBC, said the bank had already achieved annual cost savings of $4bn since he took over running the bank in 2011.

"We will continue to exert tight cost discipline whilst streamlining processes and procedures. This enables us to invest in growth and global standards," said Gulliver, according to the Telegraph.

Gulliver, former head of HSBC's investment bank, has already cut 46,000 jobs and sold or closed 52 businesses, including a minority stake in Chinese insurer Ping and its U.S credit cards.

The additional job cuts will be global and not focused on any particular area of the business, Gulliver said.

The bank's financial strength will allow it to invest and increase dividends, Gulliver said. HSBC on March 4 increased its 2012 dividend by 10 percent from 2011 to 45 cents a share. The payout ratio will remain at 40 percent to 60 percent for the next three-year period, the bank said today.

The bank also said it may buy back shares by 2016, neutralizing the dilutive effect of its scrip dividend, whereby new shares are created and given to shareholders usually in place of a payout.

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