The global banking giant HSBC is reportedly considering a massive wave of job cuts that could impact up to 20,000 employees worldwide. As per reports by Bloomberg, the bank’s CEO, Georges Elhedery, is pivoting towards an Artificial Intelligence (AI)-led strategy to streamline middle and back-office operations. This potential reduction represents nearly 10% of the bank’s total workforce of 210,000 employees (as of end-2025).

The restructuring plan focuses on non-client-facing roles in global service centers, where automated systems and AI agents are expected to replace human-driven tasks like compliance checks and payment routing. While the deliberations are said to be in their early stages, the scale of the proposed layoffs has sent shockwaves through the financial industry. Since taking over in 2024, Elhedery has been aggressive about cost-cutting, and this multi-year overhaul is his most ambitious move yet.

Industry analysts warn that this is part of a broader trend where global banks might eliminate as many as 200,000 positions over the next three to five years due to AI integration. For HSBC, the cuts would be phased over time, but the looming uncertainty has left thousands of families worried about their future. While a spokesperson for the bank declined to comment on specifics, the push for “operational efficiency” through technology remains a top priority for the lender.