HSBC's Bold AI Bet: Up to 20,000 Jobs on the Line
HSBC Holdings, led by CEO Georges Elhedery, is eyeing a significant AI-powered restructuring that could see up to 20,000 jobs cut, or about 10% of its workforce, primarily impacting non-client-facing roles. This move aims at improving efficiency and reducing costs in middle and back office functions over the next 3-5 years. While discussions are still preliminary, the plan underscores HSBC's aggressive shift towards AI-driven operations.
Mar 19