HSBC Mulls Deep Job Cuts From Multiyear AI-Fueled Overhaul – Bloomberg
Georges ElhederyPhotographer: Paul Yeung/Bloomberg
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HSBC Holdings Plc is weighing deep job cuts over the coming years as Chief Executive Officer Georges Elhedery bets on AI to shrink its middle and back offices, one of the first signs of how the technology could reshape Wall Street workforces.
Non-client facing roles in global service centers are among those expected to be most impacted although the assessment is at an early stage, according to people familiar with the matter, who asked not to be identified discussing preliminary deliberations. The changes could ultimately impact around 20,000 roles — or about 10% of its total workforce, one of the people said.