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.

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.