HSBC is reportedly considering cutting 20,000 jobs and focusing on artificial intelligence instead.
According to a report from Bloomberg, Chief Executive Georges Elhedery is looking at harnessing AI to streamline the business and reduce the need for employees in back and middle-office roles.
The overhaul could impact as much as 10% of the bank's global workforce of some 210,000 people - of which approximately 34,700 are based in the UK.
HSBC has not commented on the story, but The Times highlights comments made by Elhedery recently about making generative AI tools available to all staff.
He said he wanted to use AI to "simplify processes, procedures and policies and reduce complexity".
Bloomberg reports discussions are ongoing regarding potential job cuts and no decision has been reached.
FSTE100
The UK's flagship share index, the FTSE 100, was down 70 points at 10,108 shortly after opening this morning.
Brent crude oil futures were up 0,04% at $107.30 a barrel.
Companies reporting today
- J D Wetherspoon* - Half Year Results
- Smiths Group - Half Year Results