HSBC CEO Georges Elhedery has said artificial intelligence will reshape the banking industry by removing certain jobs while creating new ones, as financial institutions increasingly rely on automation and AI-driven systems. Speaking during the bank’s investor day event, Elhedery said the focus was not simply on job cuts but on preparing employees for a rapidly changing workplace. He stressed that HSBC’s workforce must adapt to the rise of generative AI rather than resist it.
Bank Plans Large-Scale Employee Retraining
Elhedery said HSBC wants its employees to become “future ready” by giving them access to training, tools, and new skills required in an AI-powered banking environment.
He said the bank’s goal was to ensure workers do not feel anxious or disconnected as technology transforms traditional roles across the sector. HSBC currently employs around 200,000 people globally and has been increasing investments in AI-led operations and automation.
Standard Chartered Announces Major Job Cuts
The comments came just a day after Standard Chartered revealed plans to reduce thousands of jobs over the coming years due to growing use of AI and technology.
CEO Bill Winters said the bank plans to replace lower-value human tasks with technology and investment in automation. Most of the affected positions are expected to be in non-customer-facing departments.
The lender said it aims to cut nearly 15% of its corporate function roles by 2030, which could impact more than 7,000 jobs.
Global Banks Race To Adopt AI
Major financial institutions across the world are now accelerating AI adoption to cut costs, improve efficiency, and strengthen cybersecurity systems. Japanese banking giant Mizuho Financial Group had also announced plans earlier this year to reduce up to 5,000 jobs over the next decade as part of its restructuring efforts.
HSBC Expands AI Operations Across Banking Services
HSBC has already started deploying AI tools across multiple departments, including customer onboarding, financial risk monitoring, contact centres, and wealth management. The bank recently appointed David Rice as its first Chief AI Officer, signalling a broader push toward AI-driven transformation and operational savings.
(Via Agency Inputs)
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