HSBC weighs deep job cuts as AI overhaul unfolds

HSBC Holdings is weighing a wave of deep job cuts over ​the coming years that could ultimately impact around 20,000 ‌roles, or about 10% of its total workforce, Bloomberg News noted on Thursday, citing people familiar with the matter, Report informs via Reuters.

Hong Kong-listed shares of HSBC fell 2.2% ​in the morning trade. Non-client facing roles in global service ​centers are among those expected to be most impacted as ⁠the bank bets on AI, although the assessment is at ​an early stage, the report said, adding that the review is ​at an early stage and no final decisions have been made.

Accelerating AI adoption is enabling companies to reduce staff ​in divisions most exposed to automation.

HSBC employed 208,720 full-time equivalent staff ​at the end of December 2025, according to its annual report.

The potential reductions ‌are ⁠a part of a medium-term plan spanning three to five years, and could include not replacing departing staff, as well as cuts tied to business exits or sales, the report said.

The speculation ​around job cuts ​comes as the ⁠London-based bank looks to simplify its operations, cut costs and exit businesses not seen as value-accretive.

In ​late February, Reuters noted that HSBC had begun a sale ​process ⁠to divest its Singapore life insurance manufacturing business.

Since taking over about 18 months ago, CEO Georges Elhedery has overhauled HSBC by reorganising divisions ⁠along ​East-West lines, exiting sub-scale investment banking units ​in the US and Europe, and cutting senior management roles.