HSBC layoffs soon? Wall Street giant may slash 20,000 roles amid AI-led overhaul, says report

Layoffs at HSBC: HSBC Holdings Plc is deciding on a wave of job cuts that could cut 20,000 jobs in the coming years as Chief Executive Officer Georges Elhedery invests in an AI-led overhaul, Bloomberg reported, citing sources with knowledge of the matter.

Elhedery’s plans to shrink HSBC’s middle and back office workforce to accommodate AI are one of the first signs of how technology could reshape Wall Street in the future.

(This is a developing story. Check back for updates)