HSBC Chief Executive Georges Elhedery has said that artificial intelligence will remove some jobs but also create new ones. He asked employees not to resist this change and instead use AI to become more productive.
Reports suggest HSBC may cut up to 20,000 roles over the next three to five years. These reductions are expected mainly in non-client-facing positions across global service centres. The bank currently employs more than 211,000 people worldwide.
Elhedery explained that staff should not feel anxious or left behind. He believes AI will help workers become better versions of themselves. The move is part of HSBC’s wider plan to embrace technology and improve efficiency.
Other banks are also making similar changes. Standard Chartered recently announced nearly 8,000 job cuts, while DBS Group in Singapore plans to reduce 4,000 contract roles but add 1,000 AI-focused positions.
Industry experts note that banking, technology and professional services have already lost one in twenty jobs in the past year due to AI adoption. Offshore workers and younger employees are most affected. Some banks, like Wells Fargo, highlight productivity gains without reducing staff, but the overall trend shows AI is reshaping workforce structures globally.
