HSBC is weighing up plans to cut as many as 20,000 jobs globally over the next three to five years as it accelerates the use of artificial intelligence to streamline operations, in what could become one of the most significant workforce reductions in modern banking.
According to reports, the lender is exploring how AI can reduce reliance on back- and middle-office roles, with up to 10 per cent of its 210,000-strong global workforce potentially affected. While the bank declined to comment, the proposals align with a broader strategic push under chief executive Georges Elhedery to simplify processes and reduce operational complexity.
In the UK, where HSBC employs around 34,700 people, a proportional reduction could see approximately 3,500 roles impacted. The bank’s domestic footprint spans retail banking, corporate operations and asset management, alongside its London headquarters.
The potential cuts form part of a wider transformation agenda as HSBC seeks to embed generative AI across the organisation. Speaking earlier this year, Elhedery said the bank was rolling out AI tools to all employees, aiming to both improve productivity and enhance customer-facing services through more personalised interactions.
“We want to simplify processes, procedures and policies and reduce complexity,” he said at the time, while also highlighting the role of AI in equipping frontline staff.
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