HSBC considers cutting up to 20,000 jobs as part of AI-driven restructuring — Bloomberg

LootboxPhobia · 2026-03-19T01:27:50+00:00

HSBC Holdings is considering cutting approximately 20,000 positions, or about 10% of its total workforce, over the coming years. Chief Executive Officer Noel Quinn is betting on artificial intelligence as a means to restructure and reduce costs. Although assessments of global service center functions are still underway, the move could impact non-customer-facing roles.

LootboxPhobia

2026-03-19 01:27:50

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Investing.com - Bloomberg reported on Thursday that HSBC Holdings (LON:HSBA) is considering large-scale layoffs in the coming years, with CEO Noel Quinn betting on AI to cut back middle and back-office jobs.

Bloomberg cited sources saying these changes could affect about 20,000 jobs, accounting for 10% of HSBC’s total staff. Non-client-facing roles in the global service centers are among the most likely to be cut, although the assessment is still in early stages.

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This report comes as HSBC is undergoing a broader ongoing restructuring, as the British bank is overhauling its operations to cut costs, sell non-core assets, and focus on its core banking business in Asia.

The bank aims to reduce staff by 10% in certain areas. The restructuring has been seen as somewhat successful, with HSBC’s stock rising nearly 35% over the past 12 months.

Thursday’s report also reflects Wall Street’s wider focus on using AI to replace human workers, especially with the emergence of AI agents capable of autonomously performing certain tasks.

AI is cited as a reason for over 50,000 layoffs by 2025, although analysts question whether the technology is being used as a cover for other factors, particularly given the overhiring believed to have occurred post-COVID-19 pandemic.

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