HSBC Considers Cutting 20,000 Jobs as It Expands the Use of Artificial Intelligence

  • HSBC is considering cutting around 20,000 jobs as part of a restructuring plan focused on artificial intelligence.
  • The cuts could affect about 10% of the bank’s workforce, mainly in non-customer-facing roles.
  • The move aims to reduce costs by about $1.5 billion while improving productivity.

HSBC is studying the possibility of implementing a major wave of job cuts over the coming years as part of a broader restructuring plan that increasingly relies on artificial intelligence technologies.

According to early estimates, the potential cuts could affect around 20,000 jobs, representing roughly 10% of the bank’s global workforce, which stood at about 210,000 employees by the end of 2025.

The expected reductions are likely to focus mainly on roles that are not directly connected to customer services, particularly within global service centers and back-office operations.

Through this strategy, the bank aims to reduce costs by approximately $1.5 billion while also improving operational efficiency and productivity.

Industry estimates also suggest that global banks could eliminate up to 200,000 jobs over the next three to five years as financial institutions expand their use of artificial intelligence to perform tasks that were traditionally carried out by human employees.

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