HSBC is weighing a wave of deep job cuts over the coming years that could ultimately impact around 20,000 roles, or about 10 per cent of its total workforce, Bloomberg News reported on Thursday (Mar 19), citing people familiar with the matter.
Non-client-facing roles in global service centres are among those expected to be most impacted as the bank bets on AI, although the assessment is at an early stage, the report said, adding that the review is at an early stage and no final decisions have been made.
HSBC didn’t immediately respond to a Reuters request for a comment.
Accelerating AI adoption is enabling companies to reduce staff in divisions most exposed to automation.
HSBC employed 208,720 full-time equivalent staff at the end of December 2025, according to its annual report.
The potential reductions are a part of a medium-term plan spanning three to five years, and could include not replacing departing staff, as well as cuts tied to business exits or sales, the report said.
The speculation around job cuts comes as the London-based bank looks to simplify its operations, cut costs and exit businesses not seen as value-accretive.
In late February, Reuters reported that HSBC had begun a sale process to divest its Singapore life insurance manufacturing business.
Since taking over about 18 months ago, CEO Georges Elhedery has overhauled HSBC by reorganising divisions along East-West lines, exiting sub-scale investment banking units in the US and Europe, and cutting senior management roles.