HSBC is reviewing approximately 20,000 job cuts (10% of its workforce) over the next 3–5 years
CEO Georges Elhedery is prioritizing AI to automate "middle- and back-office" functions
The bank achieved its $1.5 billion cost-saving target in H1 2026, six months ahead of schedule
HSBC Holdings is considering cutting around 20,000 jobs, roughly 10% of its global workforce over the next three to five years, according to a report by Bloomberg.
The potential layoffs come as CEO Georges Elhedery looks to deploy AI to streamline middle- and back-office operations.
2 March 2026
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Which Roles Can be Affected?
Although the assessment is still at an early stage, non-client-facing roles, particularly in global service centres, are reportedly expected to be most affected.
Some of the workforce reduction may also result from business divestments or exits. Discussions around these measures reportedly began before the recent conflict in West Asia, and no final decision has been taken yet.
CEO Restructuring Plan
Since taking charge in 2024, Elhedery has undertaken a significant restructuring of the bank. Thousands of jobs have already been cut, while several business units have been sold, merged, or shut down.
HSBC had approximately 210,000 employees at the end of 2025. Alongside structural changes, Elhedery has also sought to reshape the bank’s culture, introducing a more performance-driven, Wall Street-style compensation model in which top performers receive a larger share of bonuses, while underperformers are encouraged to seek opportunities elsewhere.
The CEO has also doubled down on the bank’s Asia-focused strategy, including taking private its Hong Kong subsidiary, Hang Seng Bank, signalling a strong commitment to growth in the region.
HSBC Cost Saving Efforts
HSBC recently stated that it expects to achieve its $1.5 billion cost-saving target in the first half of the year, six months ahead of schedule.
Speaking at a conference hosted by Morgan Stanley, CFO Pam Kaur reportedly said the bank sees significant opportunities to deploy AI to both reduce costs and improve productivity. She noted that AI could be integrated into customer service operations, know-your-customer (KYC) processes, and transaction monitoring to enhance efficiency.
The move reflects a broader trend across the global banking industry. A report by Bloomberg Intelligence estimates that banks could eliminate up to 200,000 jobs over the next three to five years as AI increasingly takes over tasks currently performed by humans.
Chief information and technology officers surveyed in the report expect an average net workforce reduction of around 3% during this period.
