Writing for Reuters, Gareth Gore noted some sections of the lender are to be cut - but investment banking is likely to escape such action.
However, the expert noted this area will still be subject to focuses on costs - a subject that could define Mr Gulliver's time in charge of the institution.
Mr Gore observed that Mr Gulliver's first strategy review more or less left the global banking and markets business of HSBC alone.
Senior managers at the company said changes at the organisation would be "evolutionary not revolutionary".
Bloomberg recently reported that HSBC Holdings has sold its biggest Samurai debt without a guarantee since the collapse of Lehman Brothers Holdings - raising 143.4 billion yen ($1.8 billion) in the sale, which was the first since the Japanese earthquake.
By Tony Aynsley