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HSBC HOLDINGS Reportedly Considering Massive Layoffs Over Next Few Yrs, Potentially Involving 20K Employees
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HSBC HOLDINGS (00005.HK) is weighing large-scale layoffs over the next few years as CEO Georges Elhedery is betting on AI development to reduce the size of the middle and back-office departments, Bloomberg reported, citing people familiar with the matter. The evaluation is still in the early stages, but it is expected that non-customer-facing positions in the Global Service Centers will be most affected, potentially impacting about 20,000 positions, approximately 10% of the total workforce, sources divulged. The group will not fill vacancies after employees leave, and some layoffs may be achieved through business sales or market exits, sources added. The layoffs are expected to be part of a medium-term plan lasting three to five years. AASTOCKS Financial News Website: www.aastocks.com |
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