HSBC is preparing to report $1.5 billion of annual cost savings from the changes implemented under its broad restructuring initiatives, the Financial Times reported on Thursday.

The redundancies will be staggered over several weeks and months, based on performance and to streamline operations.

Today could be the last day at HSBC for some investment bankers at Europe’s largest lender. Chief Executive Officer Georges Elhedery is wielding the knife again, starting his latest round of headcount cuts in Asia, according to people familiar with the matter. Layoffs are expected to begin next week and could last up to several months.

Some cuts are already under way, but wider layoffs will begin as early as Feb 17, sources said. Read more at straitstimes.com.