HSBC is set to cut several hundred jobs in its investment banking business by the end of the year, according to a source familiar with the matter, as it seeks to improve returns.

The cull will affect HSBC’s global banking and markets division, which houses HSBC’s trading and investment banking businesses and has suffered turbulent performance in recent years.

The bank will aim to replace the cut roles with jobs in higher-returning businesses, the source said.

Bloomberg news first reported the job cuts earlier on Thursday, citing sources saying more than 500 roles could be axed.