HSBC weighs deep job cuts as AI overhaul unfolds: report
Global banking giant HSBC Holdings Plc is considering significant job reductions in the years ahead, as CEO Georges Elhedery bets on artificial intelligence to downsize middle and back offices, Bloomberg reported.
The greatest impact is anticipated to be seen among non-client-facing positions in global service centers, but the evaluation is only in an early stage, according to individuals familiar with the issue, the outlet reported. The moves could impact about 20,000 roles, or around 10% of the organization's full workforce, one of the individuals reportedly said.
The deliberations began prior to the eruption of war in the Middle East, and a final decision has not been made, some of the individuals said, according to the report.
The assessment includes positions where the company will not replace workers, some of the individuals noted, but no final decision has been determined.
Some downsizing may occur due to business sales or exits, according to one of the sources, Bloomberg reported.
The company's job reductions would occur as part of a medium-term plan covering three to five years, one of the individuals familiar with the matter said, the outlet noted.
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HSBC declined to provide Fox News Digital with a comment about the Bloomberg report.
But HSBC, which indicates on its website that it "is one of the world's largest banking and financial services organisations," has been open about embracing AI.
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"In 2025, we accelerated the adoption of Generative AI (‘GenAI’) across HSBC, moving from experimentation to scaled delivery," the company's Annual Report and Accounts 2025 noted. "Through 2026, we intend to expand enterprise-wide adoption of AI tools and strive to embed AI deeper into our core processes."