Things may soon change in a big way at HSBC Holdings Plc, as the bank quietly looks at cutting a set number of jobs over the next few years, Bloomberg reported. The idea is to use artificial intelligence to do more work and reduce the need for people in certain roles — something the tech world is already grappling with.
HSBC eyes big job cuts as AI takes centre stage
According to Bloomberg, the plan is still being discussed, but early estimates suggest the changes could affect around 20,000 jobs. That’s roughly 10% of the bank’s total workforce. Most of these cuts are expected to hit roles that don’t deal directly with customers, especially in global service centres. The bank has also not made any public comment on the matter.
According to Bloomberg, if the plan goes ahead, the changes won’t happen overnight. The bank is looking at a three-to-five-year window. Some roles may simply not be replaced when employees leave, while others could go if certain businesses are sold or shut down. These discussions, sources told Bloomberg, actually began even before the recent Middle East conflict.
HSBC isn’t the only one thinking along these lines. A Bloomberg Intelligence report last year said global banks could cut up to 200,000 jobs over the next few years as AI begins to take over routine tasks. On average, tech leaders expect around a 3% reduction in workforce numbers.
CEO Georges Elhedery already in overhaul mode
Since taking over in 2024, Georges Elhedery has been slowly reshaping the bank. Thousands of jobs have already been cut, and several businesses have either been sold, merged, or closed. By the end of 2025, HSBC had about 210,000 employees globally.
At the same time, Elhedery is trying to change how the bank rewards its people. The idea is closer to a Wall Street-style system where top performers get a larger share of bonuses, while those falling behind may be nudged to look elsewhere.
The bank is also doubling down on Asia. One of its key moves has been taking its Hong Kong unit, Hang Seng Bank Ltd., private, a clear signal of where it sees future growth.
Speaking at a conference hosted by Morgan Stanley, HSBC’s finance chief Pam Kaur said the bank sees clear opportunities to use AI to cut costs and improve efficiency. She spoke about and highlighted areas like customer service centres, “know-your-customer” checks, and transaction monitoring, places where automation can speed things up and reduce expenses.
HSBC has already set a $1.5 billion cost-saving goal and now expects to hit it six months ahead of schedule.