HSBC weighs up to 20,000 job cuts, about 10% of staff, tied to expanded AI adoption in banking

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Fears of an AI-driven jobs cull on Wall Street are intensifying after banking giant HSBC revealed it is weighing sweeping layoffs that could hit up to 20,000 workers.

The London-based lender is considering cutting around 10 percent of its global workforce as part of a major push to replace human roles with artificial intelligence, according to reports.

There are now growing fears rivals could follow suit – with major lenders such as Bank of America, JPMorgan and Citigroup all investing heavily in AI and under pressure to slash costs in the same way.

https://www.dailymail.co.uk/yourmoney/article-15662461/hsbc-ai-job-cuts-bank-layoffs.html

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