Special TEM procedure is used to study in detail the microstructure of the melt-spun (MS) amorphous alloy Ti₅₀Ni₂₅Cu₂₅ subjected to high-pressure torsion (HPT). The cross section of an HPT-processed disc-shaped sample is studied. Groups of shear bands (SBs) are revealed on the lamellae cut from the HPT-processed samples. Nanocrystals form directly in the shear bands as a result of strain-induced nanocrystallization. Amorphous nanoclusters with a size of 20 nm form in the amorphous phase surrounding the SBs. Formation of the amorphous cluster-type structure in the areas surrounding the shear bands has been discovered for the first time. The obtained results reveal a close connection between the nanocluster structure formation in the HPT-processed MS Ti₅₀Ni₂₅Cu₂₅ alloy and SBs propagation in the amorphous phase.