HSBC commits to retraining 200,000 staff as AI reshapes banking roles
HSBC will retrain its 200,000-person workforce to adapt to artificial intelligence rather than cut jobs immediately, Chief Executive Georges Elhedery said Wednesday. The bank is deploying AI across customer onboarding, financial risk monitoring, contact centres, and wealth management to reduce costs and streamline operations.
Elhedery acknowledged that AI will both eliminate and create jobs across banking. His focus is ensuring current employees gain the skills and tools to remain productive as the technology rolls out.
"The problem is how can we make sure that those 200,000 colleagues have been given all the capabilities, the training, the tools to make themselves future ready," Elhedery said at an investor day event.
The bank's priority is keeping staff engaged and feeling included in the transition. Elhedery warned against employees becoming "disenfranchised, anxious, overwhelmed, and resisting the change."
Rival banks take different approach
Standard Chartered announced a contrasting strategy one day earlier, committing to cut thousands of jobs over the coming years. Chief Executive Bill Winters said the bank would replace "lower-value human capital" with technology, targeting a 15% reduction in corporate function roles by 2030.
Winters said affected roles would be mainly non-client-facing positions. Japanese lender Mizuho announced plans for up to 5,000 job cuts over the next decade.
AI becomes central to bank operations
Major financial institutions are accelerating AI adoption to cut costs and strengthen defenses against cyber threats. HSBC appointed David Rice as its first chief AI officer in March, signaling AI's importance to the bank's strategy.
The bank views AI-driven automation as essential to improving productivity and operational efficiency across its global business. For operations professionals, understanding how these systems work and integrate into existing workflows is becoming critical.
Learn more about AI Agents & Automation and how these technologies apply to your role, or explore AI for Operations to stay competitive as financial services transform.
Your membership also unlocks:
