HSBC reportedly considers cutting up to 20,000 jobs under CEO Georges Elhedery’s AI-led restructuring

HSBC

• HSBC may cut up to 20,000 jobs globally over 3-5 years
• Job cuts focus on non-client roles, driven by AI automation
• Layoffs possible through attrition or restructuring; plan not final.

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HSBC is reportedly planning a major workforce reduction that could impact up to 20,000 employees globally, as part of a broader strategy led by CEO Georges Elhedery to integrate artificial intelligence into its operations. According to reports, the move is still under consideration and may be implemented over the next three to five years.

Scale of planned job cuts

The reported layoffs could affect nearly 10% of HSBC’s total workforce, which stood at around 210,000 employees as of 2025. The cuts are expected to primarily target non-client-facing roles, especially in middle and back-office operations. These functions are increasingly being evaluated for automation using AI tools to improve efficiency and reduce operational costs.

Sources indicate that the plan is still in early stages, and no final decision has been made yet. The bank may also reduce its workforce through natural attrition, business restructuring, or by not replacing certain roles.

AI strategy and leadership direction

Since taking over as CEO in 2024, Georges Elhedery has focused on restructuring HSBC’s operations. The bank has already undertaken several measures, including reducing jobs, merging divisions, and exiting select businesses. The latest move signals a deeper push toward AI-driven transformation.

HSBC’s chief financial officer Pam Kaur recently highlighted that the bank sees AI as a way to improve productivity while also cutting costs. The lender is exploring the use of AI in areas such as customer service, transaction monitoring, and compliance processes.

HSBC’s reported move reflects a broader trend across the global banking sector. According to industry estimates, banks worldwide could reduce up to 2 lakh jobs over the next few years due to automation and AI adoption. Technology leaders within financial institutions expect workforce reductions as AI takes over repetitive and data-heavy tasks.

While the shift may improve operational efficiency, it also raises concerns about job displacement and the future of traditional banking roles. HSBC has not officially confirmed the layoffs, but the development highlights the growing impact of AI on employment across industries.