HSBC CEO Georges Elhedery has called on employees to embrace artificial intelligence rather than resist it, even as the bank reportedly explores significant workforce reductions in the coming years. According to a Bloomberg report, Elhedery stated that AI will both eliminate certain jobs and generate new opportunities. These remarks come amid reports that HSBC is considering a long-term restructuring that could impact approximately 20,000 roles, representing nearly 10% of its global workforce. The bank is increasingly leveraging AI tools to enhance operations, including client onboarding and financial crime monitoring.
HSBC CEO Says Workers Should Not “Fight” AI Changes
Speaking during an investor and analyst session in Hong Kong, Elhedery emphasized the dual impact of generative AI. “We all know generative AI will destroy certain jobs and will create new jobs,” he said, as quoted by Bloomberg. He stressed that HSBC wants employees to remain engaged during the transition toward automation. “They should be on the journey with us, not fighting us, not disenfranchised, not anxious, overwhelmed and resisting the change,” Elhedery added.
According to the report, HSBC is providing staff training and coding support as it expands AI adoption across its business operations. Elhedery’s comments follow similar statements from leaders at other major banks. Standard Chartered CEO Bill Winters recently predicted that AI would eliminate thousands of jobs, replacing what he termed “lower-value human capital.” Goldman Sachs President and COO John Waldron described traditional banking operations as a “human assembly line” that could be automated.
HSBC Considers Workforce Reduction
Bloomberg’s earlier reporting indicated that HSBC has been evaluating deep workforce reductions as part of a multiyear AI-driven restructuring plan. The cuts could affect around 20,000 jobs globally. Research firm McKinsey estimates that approximately 30% of work hours in finance and insurance could be automated by 2030. Separate research from Citigroup suggests that more than half of banking jobs face a high risk of being replaced by technology.
These developments underscore the transformative impact of AI on the banking sector, with institutions like HSBC navigating the balance between technological advancement and workforce stability.
