In a bold pivot towards automation, HSBC’s leadership is contemplating the elimination of up to 20,000 jobs as artificial intelligence transforms banking operations. Bloomberg reveals that under CEO Georges Elhedery, the bank aims to make processes simpler and faster by ramping up AI usage.
Non-customer-facing roles in middle and back offices stand to be hit hardest. Though preliminary discussions are underway, no concrete plans have been finalized. This potential cut represents nearly 10% of the lender’s 210,000 global employees as of end-2025.
The bank has not issued any statement. Notably, these internal deliberations predate heightened Middle East conflicts. Elhedery, who assumed CEO duties in 2024, has already trimmed thousands of jobs through restructurings, including asset sales and unit shutdowns.
HSBC is also evaluating natural attrition, deciding whether to replace departing staff. Further reductions loom from business disposals.
This reflects an industry-wide reckoning, with AI poised to automate myriad functions. Projections indicate 200,000 banking jobs vanishing globally in 3-5 years, averaging a 3% workforce dip, per tech leaders.
Echoing this, Meta is eyeing deep cuts—over 20% of its nearly 80,000 employees—to prioritize AI investments and control spending, mirroring the tech-finance convergence on efficiency.