HSBC CEO Georges Elhedery has urged employees to adapt to artificial intelligence instead of resisting it, even as the bank reportedly considers major job cuts over the coming years. According to a Bloomberg report, Elhedery said AI will “destroy” some jobs while also creating new ones. The comments come as HSBC is said to be exploring a long-term overhaul that could affect around 20,000 roles, or nearly 10% of its global workforce. As per the report, the bank is increasingly using AI tools to improve 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 said, “We all know generative AI will destroy certain jobs and will create new jobs”, as quoted in the Bloomberg report.He added that HSBC wants employees to stay involved during the shift toward automation. According to the report, Elhedery said workers should be “on the journey with us, not fighting us, not disenfranchised, not anxious, overwhelmed and resisting the change.”The report said HSBC is offering staff training and coding support as the bank expands the use of AI across its business operations.Elhedery’s comments came shortly after similar remarks from leaders at other major banks. Standard Chartered CEO Bill Winters recently said AI would remove thousands of jobs as technology replaces what he called “lower-value human capital.” Goldman Sachs President and COO John Waldron recently described traditional banking operations as a “human assembly line” that could be automated.
HSBC considers workforce reduction
According to Bloomberg’s earlier reporting, HSBC has been considering 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 around 30% of work hours in finance and insurance could be automated by 2030. Separate research from Citigroup has suggested that more than half of banking jobs face a high risk of being replaced by technology.
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