19 Mar 2026 | 5 Mins Read
HSBC considers extensive layoffs from AI-driven restructuring
Flipitmoney
HSBC Holdings Plc is considering deep job cuts of around 20,000 roles or 10% of its workforce, focused on non-client facing roles in global service centers, as CEO Georges Elhedery bets on AI to shrink the bank's footprint. The changes could take place over 3-5 years as part of a medium-term plan, and will aid the bank's estimated $1.5 bn cost-savings target six months ahead of schedule.