HSBC (HSBC) CEO Georges Elhedery expectations that AI will allow the bank to reduce its middle- and back-office footprint has the bank’s executive considering deep job cuts over the coming years that could impact as many as 20K roles, or about 10% of the bank’s total workforce, Bloomberg reports, citing people familiar with the matter. The cuts could take as many as 3-5 years to implement, though no final decisions have been made, the report states.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HSBC:
- HSBC price target raised to 1,360 GBp from 1,190 GBp at JPMorgan
- Eli Lilly Stock (LLY) Gets a Rare Downgrade. HSBC Sees This Problem Ahead
- Amazon’s Massive Bond Sale Draws $126 Billion in Orders, One of the Largest Ever
- HSBC price target raised to 1,200 GBp from 1,050 GBp at RBC Capital
- HSBC price target raised to 1,540 GBp from 1,370 GBp at Citi