HSBC may cut up to 20,000 jobs

London-headquartered investment bank HSBC is considering significant job cuts over the coming years as Chief Executive Officer Georges Elhedery looks to deploy artificial intelligence (AI) to streamline operations, particularly in middle and back-office functions, according to reports.

According to a Bloomberg report, non-client-facing roles in global service centres are expected to be among the most impacted, although discussions remain at an early stage. The potential restructuring could affect around 20,000 roles, or nearly 10 per cent of the bank’s global workforce, one of the sources indicated. However, no final decision has been taken so far.

A spokesperson for HSBC declined to comment on the development, according to the report.

The deliberations began even before the recent escalation of tensions in the Middle East.

Since taking over as CEO in 2024, Elhedery has undertaken a broad restructuring exercise at the lender, which has already included thousands of job cuts, along with the sale, merger and closure of several business units.

HSBC had a workforce of around 210,000 employees at the end of 2025. The ongoing assessment may also include roles that will not be replaced after attrition, while some workforce reduction could come through business exits or divestments.

The move reflects a broader trend in the global banking sector, where artificial intelligence is increasingly expected to reshape workforce structures.

The report also highlighted that global banks could eliminate up to 200,000 jobs over the next three to five years as AI takes over tasks currently performed by human workers. Chief information and technology officers expect an average net workforce reduction of around 3 per cent, it said.

Earlier, another report had said that major tech firm Meta Platforms is reportedly considering another large round of layoffs as it seeks greater operational efficiency with more spending on artificial intelligence (AI) infrastructure. Internal discussions have considered cuts of up to 20 per cent or more of Meta’s workforce, or 16,000 employees based on the company’s headcount of nearly 79,000 at the end of December, it highlighted.