The British bank HSBC said on Tuesday that it will lay off nearly 50,000 jobs as it is selling its several underperforming businesses.

The bank said that it would eliminate 22,000 to 25,000 full-time jobs, or about 10 % of its work force, by the end of 2017.

The bank has said it is also planning to reduce it head count by another 25,000 through the sale of its underperforming businesses in Turkey and Brazil.

It is also looking forward to increase its investment in Asia, where it generates more than half of its earnings.

The bank said it would complete a review of whether to move its headquarters from Britain by the end of the year.

The bank decided to reshape itself after it started having troubles from challenging regulatory environment in Britain and across its global platform, which spans 73 countries and territories.

“World is increasingly connected, with Asia expected to show high growth and become center of global trade over next decade. I am confident that our actions will allow us to capture expected future growth opportunities and deliver value to shareholders”, Stuart Gulliver, the bank’s chief executive, said in a news release.

Shares of the British bank dropped nearly 1 % initially but were up slightly in early trading in London.

In an update to its investors, HSBC said that it wanted to reduce its costs by $4.5 billion to $5 billion annually within two years.

The lender, on the other hand, said that it expected to book restructuring costs of $4 billion to $4.5 billion over that period.