LONDON (BLOOMBERG) - HSBC Holdings is eliminating 2,000 jobs in its commercial bank as part of a plan to cut costs, according to a person briefed on the matter.

The reductions began last week and are expected to take two years, the person said, asking not to be identified discussing personnel matters.

In June, Europe's largest bank unveiled a three-year plan to shed businesses to shrink its workforce by some 50,000 and lower annual costs by as much as US$5 billion. Sky News reported the commercial bank's cuts earlier on Monday (Nov 23).

"As flagged in our investor update, we have targeted significant cost reductions by the end of 2017, and we continually review and manage our overall headcount requirements," Heidi Ashley, a company spokeswoman said.