HSBC Holdings will shed nearly 30,000 jobs globally by 2013, The Wall Street Journal reports. Almost 5,000 jobs are being cut in the U.S., U.K., France, Latin America and Middle East, while 25,000 additional positions will also be eliminated.

The bank intends to quit retail banking in certain markets, starting with Russia and Poland. The bank will, however, continue recruiting in other countries. The bank aims to trim around $3.5 billion from its annual cost base over the next two years.

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