HSBC layoffs: HSBC Holdings Plc is deciding on a wave of deep job cuts that could see 20,000 layoffs in the upcoming years as Chief Executive Officer Georges Elhedery bets on an AI-led overhaul, Bloomberg reported citing people familiar with the knowledge of the matter.
Elhedery’s reported plans to shrink workforce in HSBC’s middle and back office to accommodate AI is one of the first signs that could demonstrate how the technology may reshape the Wall Street in the future.
(This is a developing story. Check back for updates)