HSBC Considers Laying Off 20,000 Employees Globally, AI Integration Cited
Loading more articles...
HSBC Considers Laying Off 20,000 Employees Globally, AI Integration Cited
N
News18•19-03-2026, 22:23
HSBC Considers Laying Off 20,000 Employees Globally, AI Integration Cited
•HSBC, a 161-year-old London-headquartered investment bank, is reportedly planning a large-scale workforce reduction.
•The bank's CEO, Georges Elhedery, is focusing on increasing AI use to streamline operations, potentially impacting 20,000 jobs (10% of global workforce).
•Middle and back-office functions, especially non-customer-facing roles, are most at risk, though discussions are preliminary.
•Changes include not refilling vacated positions, business sales, and department closures, initiated by the new CEO in 2024.
•Globally, banks could cut 200,000 jobs in 3-5 years due to AI and automation, with an average 3% reduction in total employees.
