AI-led layoffs of up to 20,000 in numbers may be coming to HSBC

HSBC is reportedly planning significant job cuts, potentially impacting 10% of its workforce, or around 20,000 employees, over the next three to five years. Chief Executive Georges Elhedery is leveraging Artificial Intelligence to streamline middle and back-office operations, aiming for greater cost efficiency and productivity. Non-client facing roles are expected to be most affected as the bank explores AI-driven changes.

By TOI TECH DESK