HSBC Considers Job Cuts as AI Automation Efforts Intensify – Bloomberg

(SeaPRwire) –   HSBC is reportedly weighing cuts of up to 20,000 jobs as part of a multi-year automation overhaul

HSBC, the UK’s largest bank, is considering eliminating up to 20,000 roles over the coming years as part of a major effort to integrate artificial intelligence into its operations, Bloomberg reported Thursday.

The potential cuts would make up roughly 10% of the London-based bank’s global workforce, which totaled around 210,000 employees at the end of 2025. Non-client-facing positions in global service centers are expected to be hit hardest, particularly middle- and back-office functions that can be automated.

Bloomberg, citing sources familiar with the matter, said the discussions are still in early stages and no final decisions have been reached. An HSBC spokesperson has declined to comment on the report.

Georges Elhedery, the bank’s chief executive who took over in 2024, has already slashed thousands of jobs as part of a radical restructuring. The bank recently announced it expects to meet a $1.5 billion cost-savings target in the first half of the year – six months ahead of schedule.

HSBC Chief Financial Officer Pam Kaur stated this week that the bank sees significant opportunities to use AI in customer service and transaction monitoring to boost efficiency.

The move reflects a broader trend across the global banking industry. Last year, a Bloomberg Intelligence report forecast that banks could cut up to 200,000 positions in the next three to five years as AI takes over tasks currently done by human workers.

A recent study from investment bank Morgan Stanley found that British companies reported an 8% net drop in jobs due to AI over the past year – the highest rate among major economies including Germany, the US, Japan, and Australia, and double the international average. The Institute for Public Policy Research has calculated that 8 million UK jobs are at risk from automation.

The news comes as polling reveals growing public anxiety about AI’s impact on employment. A Blue Rose Research survey published this week found 79% of Americans are worried the government has no plan to protect workers from AI-driven job losses, with 58% demanding the government prioritize aiding displaced workers over tech company profits.