Amid growing adoption of artificial intelligence in banking, HSBC is evaluating plans for significant job cuts over the coming years as part of efforts to streamline operations.
The move is being considered under the leadership of CEO Georges Elhedery, with a focus on improving efficiency in middle and back-office functions. According to reports, non-client-facing roles in global service centres are likely to be the most affected, although discussions are still at an early stage.
The proposed restructuring could impact around 20000 roles, nearly 10 per cent of HSBC’s global workforce. However, no final decision has been made so far. A spokesperson for the bank declined to comment on the development.
These discussions began even before the recent escalation of tensions in the Middle East. Since taking over as CEO in 2024, Elhedery has led a wide restructuring effort, which has already included thousands of job cuts, along with the sale, merger, and closure of several business units.
HSBC reported a workforce of around 210000 employees at the end of 2025. The current review may also involve not replacing certain roles after attrition, while some reductions could come through business exits or divestments.
This development reflects a broader shift across the global banking industry, where AI is expected to reshape workforce structures. Reports suggest that global banks could eliminate up to 200000 jobs over the next 3 to 5 years as AI takes over tasks currently handled by human workers. Chief information and technology officers are also expecting an average net workforce reduction of around 3 per cent.
Separately, Meta Platforms is also reported to be considering another major round of layoffs as it increases spending on AI infrastructure. Internal discussions have explored cuts of up to 20 per cent or more of its workforce, which could affect around 16000 employees based on its headcount of nearly 79000 at the end of December.
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