International banking giant HSBC Holdings is reportedly considering substantial workforce reductions that could eliminate approximately 20,000 positions worldwide over the next several years, according to a Bloomberg News report published Wednesday.
The potential layoffs would represent roughly 10% of the financial institution’s entire global workforce, according to sources familiar with the bank’s internal discussions.
Back-office positions at the bank’s worldwide service hubs are anticipated to face the heaviest impact from the proposed cuts, as HSBC increasingly relies on artificial intelligence technology to streamline operations, the Bloomberg report indicated.
However, the evaluation process remains in its preliminary phases, according to the sources cited in the report.
Reuters noted they were unable to independently confirm the details of the Bloomberg report at the time of publication.
