The banking group is seeking to bolster profits with a global freeze on pay and hiring, a report says.

(Udpated with comment to this publication from bank.)

Hong Kong/London-listed HSBC is carrying out a recruitment and pay freeze across the bank globally this year, Reuters reported, citing unnamed sources.

This publication contacted the bank about the matter; a spokesperson today said the bank was making no comment in addition to its confirmation of the reported remarks in the newswire story.

The news service's report said that an email was sent to staff on Friday detailing the latest cost-saving measures. It quoted a spokesperson saying that the bank has targeted "signficant cost reductions by the end of 2017" and confirmed the contents of the email.

HSBC, along with many of its peers, is cutting costs, shedding non-core activities and focusing on areas where it sees rapid growth - such as Asia in HSBC's case. Barclays, for example, is the subject of media speculation about a possible sale of its Asia wealth management arm. In recent months, HSBC has cut business in Brazil and Turkey.

The banking group issues annual results on 22 February.