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.

The move is expected to result in about 400 layoffs as CEO Georges Elhedery intensifies cost-cutting measures in Europe.

Zing is an international payments app and debit card that allows people to hold different currencies, send money abroad, or spend in the UK and overseas

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 closed its Zing app just a year after its launch, as traditional banks battle to keep up with the innovation and flexibility of fintech startups.