US EditionHSBC Considers 20,000 Job Cuts Over Five Years in AI Review: Bloomberg
HSBC plans to cut about 10% of its workforce, focusing on middle and back-office roles, to save costs and boost productivity through AI, the bank said.
- HSBC is considering deep job cuts that could impact around 20,000 roles, or 10% of its total workforce, over the next 3-5 years as part of a plan to accelerate AI adoption and simplify operations.
- Non-Client-Facing roles in global service centres are expected to be most affected by the potential cuts, which are still at an early assessment stage.
- The potential reductions are part of HSBC's medium-term plan spanning three to five years and could include not replacing departing staff and cuts tied to business exits or sales.
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HSBC weighs deep job cuts as AI overhaul unfolds, Bloomberg News reports
HSBC Holdings is weighing a wave of deep job cuts over the coming years that could ultimately impact around 20,000 roles, or about 10% of its total workforce, Bloomberg News reported on Thursday, citing people familiar with the matter.
HSBC Layoffs: Banking Giant Plans 20,000 Job Cuts as AI Push Reshapes Workforce
HSBC is planning to cut up to 20,000 jobs globally as part of a major AI-driven transformation. The bank aims to automate back-office roles to boost efficiency and reduce costs. The move reflects a wider trend in the banking sector, where automation is expected to reshape jobs over the coming years. HSBC Layoffs: Banking Giant Plans 20,000 Job Cuts as AI Push Reshapes Workforce.
In middle management and administration, the British bank wants to focus more on AI and lay off employees. For this, the top performers should get more bonus.
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