HSBC eyes 20,000 job cuts as AI reshapes banking workforce

New Delhi: London-headquartered banking giant HSBC is reportedly considering cutting up to 20,000 jobs as part of a long-term strategy to integrate artificial intelligence (AI) into its operations. The potential reduction, nearly 10 per cent of its global workforce, remains under discussion, with no final decision taken so far.

According to reports, the proposed cuts would largely affect non-client-facing roles, particularly in middle and back-office functions across global service centres. The move is part of a broader restructuring led by CEO Georges Elhedery, who took charge in 2024 and has since overseen cost-cutting measures, including layoffs and business exits.

At the end of 2025, HSBC employed around 210,000 people globally. The bank is also exploring workforce reduction through natural attrition, role consolidation, and divestments rather than direct layoffs alone.

The development reflects a wider shift across the global banking sector, where AI is increasingly being deployed to automate routine processes, improve efficiency, and reduce operational costs.