HSBC is planning to lay off up to 10,000 staff as it embarks on a fresh cost-cutting drive, a month after ousting its CEO.

According to a report by Financial Times, the layoffs will mostly impact high-paid roles and deflate the global workforce by 4 percent. The job cut comes as the UK-based bank grapples with falling interest rates, Brexit and global tariff wars. 

The job losses would come on top of 4,700 terminations announced in early August, when HSBC similarly warned about a challenging global environment linked to US interest rate cuts, Britain’s EU divorce, the US-China trade war, and unrest in Hong Kong.

The staff cuts would mark the first major shake-up under the interim boss, Noel Quinn, who took over after the surprise departure of the chief executive, John Flint, in August. Flint is believed to have left HSBC amid tensions with its new chairman, Mark Tucker, after failing to take swift action on tough decisions at the lender. HSBC said its strategy had not changed and insisted Flint left by “mutual” agreement.

The cuts could excessively hit HSBC’s European operations, where returns have lagged behind its Asian division. It was the only region to record a loss, totaling £520m, in the first half of the year.

It is not yet clear where the job cuts may fall, but analysts at Citi said: “HSBC has a structural profitability challenge in the Americas and Europe and headcount reduction may be appropriate.”

The bank employed 237,685 people around the world at the end of June. About 41,000 of those workers are based in the UK.