HSBC is shutting down its global payments app Zing a year after launch, putting hundreds of jobs at risk, as the global bank continues to overhaul its structure. The bank’s chief executive has instigated a series of changes to drive down costs since stepping into the role last year.

HSBC's decision to shutter international payments app Zing is likely to trigger around 400 job losses, a source familiar with the matter said, as CEO Georges Elhedery steps up cost-cutting efforts at Europe's largest bank.

Europe's largest bank HSBC's plan to close its international payments application Zing could potentially result in approximately 400 job losses, according to Reuters on Thursday.