00005丨HSBC Reports Potential Major Layoffs in Coming Years, Plans to Cut 20,000 Positions

SighingCashier · 2026-03-19T01:19:06+00:00

HSBC Holdings is considering significant layoffs over the coming years that could affect approximately 20,000 employees, representing about 10% of its total workforce. Chief Executive Officer Noel Quinn is betting that artificial intelligence will reduce middle and back-office positions. The assessment is still in its early stages, and some layoffs may also be realized through business sales. This plan is part of HSBC's medium-term plan spanning 3 to 5 years.

SighingCashier

2026-03-19 01:19:06

Abstract generation in progress

Bloomberg citing sources reports that HSBC Holdings (00005) is considering large-scale layoffs in the coming years. CEO Georges Elhedery is betting that artificial intelligence (AI) will reduce the bank’s back-office footprint. The potential adjustment could ultimately affect about 20,000 jobs, roughly 10% of the bank’s total workforce.

Sources indicate that the evaluation is still in the early stages, with positions at global service centers that are not customer-facing expected to be most affected. Discussions began before the recent outbreak of war in the Middle East, and no final decision has been made.

The report also states that some layoffs may be achieved through the sale or exit of certain businesses. The layoff plan is part of HSBC’s mid-term strategy spanning 3 to 5 years.

As of the end of last year, HSBC employed approximately 210,000 people.

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