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Curated from External Source
livemint.comThursday, March 19, 20263 min read

Curated and analyzed by the JobGoneToAI team. Original reporting by livemint.com.

HSBC Plans to Cut 20,000 Jobs Amid AI-Driven Restructuring

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HSBC layoffs soon? Wall Street giant may slash 20,000 roles amid AI-led overhaul, says report | Company Business News

— livemint.com

Key Takeaway

HSBC is reportedly considering significant layoffs of up to 20,000 roles as part of an AI-led restructuring plan. The job cuts are expected to primarily affect non-client facing positions in the bank's middle and back office.

From the Original Report

A logo of HSBC is seen on its headquarters(REUTERS)HSBC layoffs: HSBC Holdings Plc is deciding on a wave of deep job cuts that could see 20,000 layoffs in the upcoming years as Chief Executive Officer Georges Elhedery bets on an AI-led overhaul, Bloomberg reported citing people familiar with the knowledge of the matter.

Elhedery's reported plans to shrink workforce in HSBC's middle and back office to accommodate AI is one of the first signs that could demonstrate how the technology may reshape the Wall Street in the future.

According to the report by Bloomberg citing the persons, non-client facing roles in global service are expected to be impacted the most by the HSBC layoffs. However, the assessment is at an early stage and there was no final decision made.

The assessment also includes roles where HSBC will not replace employees with AI, according to some of the people cited by Bloomberg. A portion of the workforce reduction at HSBC may also come through business sales or exits, as per one person with the knowledge of the developments.

This is an excerpt. Read the full article at livemint.com.

Original Source

Read original reporting at livemint.com

JobGoneToAI curates, verifies, and adds original analysis to third-party reporting. We link to the original source so you can verify the facts yourself.

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