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.

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.

The latest phase of cuts will start in Asia, but will ultimately affect employees globally, according to sources, who asked not to be identified discussing private matters.