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Global banking giant HSBC Holdings Plc is considering significant job cuts in the coming years as CEO Georges Elhedery bets artificial intelligence will shrink middle and back offices, Bloomberg reports.
The biggest impact is expected to be on non-customer-facing functions in global service centers, but the evaluation is still in its early stages, according to people familiar with the issue. exhaust reported. The moves could affect as many as 20,000 positions, or about 10% of the organization’s entire workforce, one of the people reportedly said.
Deliberations began before the outbreak of war in the Middle East, and no final decision has been made, some people said, the report said.
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Georges Elhedery, CEO of HSBC Holdings Plc, in Hong Kong, China, on Thursday, October 9, 2025. (Paul Yeung/Bloomberg via Getty Images/Getty Images)
The review includes positions where the company will not replace workers, some people noted, but no final decision has been made.
According to one of the sources, there could be some downsizing due to company sales or exits, Bloomberg reported.
The job cuts at the company would come as part of a medium-term plan spanning three to five years, one of the people familiar with the matter said, the outlet reported.
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Illuminated HSBC bank sign above an ATM, San Francisco, California, May 20, 2025. (Smith Collection/Gado/Getty Images/Getty Images)
But HSBC, which states on its website that it is “one of the largest banking and financial services companies in the world,” has been open about embracing AI.
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The HSBC logo outside a branch of the bank on January 24, 2017 in Bristol, England. (Matt Cardy/Getty Images/Getty Images)
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“In 2025, we accelerated the adoption of Generative AI (‘GenAI’) across HSBC, moving from experimentation to large-scale delivery,” said the company’s 2025 annual report and accounts. “Through 2026, we plan to expand the adoption of AI tools across the enterprise and work to embed AI more deeply into our core processes.”
