HSBC plans up to 20,000 job cuts over 3–5 years via AI-driven restructuring, targeting non-client roles and global service centers.

HSBC is considering cutting up to 20,000 jobs—about 10% of its global workforce—over the next three to five years as part of a major AI-driven restructuring aimed at reducing costs and streamlining operations, particularly in non-client-facing roles. The review, still in early stages, focuses on global service centers and could include not replacing departing staff and job losses tied to business exits, such as the sale of its Singapore life insurance unit. The changes are part of a broader transformation led by CEO Georges Elhedery since 2024, which includes exiting underperforming investment banking units and reorganizing divisions. The bank has not confirmed the reports, and no final decisions have been made.