A MAJOR bank is considering deep job cuts over the next few years as they plan to use AI to reshape its work force.
The Chief Executive Officer of HSBC, Georges Elhedery, has announced his plans to shrink middle and back offices in the coming years.
It is the company’s non-client facing roles in global service centres that are most likely to be impacted.
The changes could see the loss of around 20,000 roles, or 10% of its total workforce as the bank had around 210,000 employees at the end of 2025.
At a conference on Wednesday HSBC’s chief financial officer, Pam Kaur, said that the bank saw opportunities to use AI both to cut costs and increase productivity.
Assessment of the cuts are at early stages but it includes cutting roles that the company will not replace with staff.
