【HSBC】HSBC is reportedly considering large-scale layoffs over the coming years due to AI considerations, with approximately 20,000 positions potentially affected

SocialAnxietyStaker · 2026-03-19T00:33:19+00:00

HSBC Bank plans to conduct large-scale layoffs over the coming years, expected to affect approximately 20,000 positions, with the main focus on its back-office departments. This move aims to leverage artificial intelligence to reduce costs and improve productivity, and is part of its three- to five-year medium-term plan. Discussions began before the Middle East conflict but have not yet been finalized. Noel Quinn has conducted multiple reorganizations and layoffs since taking office.

SocialAnxietyStaker

2026-03-19 00:33:19

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HSBC (00005)
Reportedly considering large-scale layoffs in the coming years, with Group CEO Georges Elhedery betting on artificial intelligence (AI) to reduce the size of its back-office departments. Bloomberg cited sources saying that non-customer service positions at HSBC Global Service Centers are expected to be most affected, but the assessment is still in early stages. It is said that ultimately about 20,000 jobs could be impacted, accounting for approximately 10% of its total workforce.

Discussions Already Started Before the Middle East War Erupted

Sources quoted in the report said that discussions had begun before the outbreak of the Middle East war, and no final decision has been made yet. According to insiders, this evaluation includes positions that HSBC will not fill, and some layoffs may also be achieved through the sale or exit of certain businesses.

Sources also stated that these layoffs are part of HSBC’s medium-term plan spanning three to five years.

A Bloomberg Intelligence report released last year indicated that as AI gradually replaces jobs currently performed by human employees, up to 200,000 positions could be cut globally in the banking industry over the next three to five years.

Seeing Opportunities to Reduce Costs and Improve Employee Productivity Using AI

HSBC Group CFO Pam Kaur recently stated at a Morgan Stanley conference that the bank sees opportunities to reduce costs and improve employee productivity through AI. She mentioned that the company could apply AI in areas such as customer service centers, customer due diligence teams, and transaction monitoring to enhance operational cost efficiency.

Since taking office in 2024, Georges Elhedery has carried out a thorough restructuring of HSBC, cutting thousands of jobs, selling some businesses, and merging or closing others. By the end of 2025, HSBC will have approximately 210,000 employees.

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