The chief executive of London-based bank HSBC, Georges Elhedery, is reportedly considering cutting up to 20,000 jobs globally over the next few years as part of a drive to reduce costs and simplify operations. The reductions, which could affect around 10 per cent of the workforce, are expected to focus on middle and back office roles, particularly non-client facing positions in global service hubs. No final decisions have been made.

The potential cuts form part of a three to five year plan that may also include not replacing departing staff and reducing roles linked to business exits or sales. The bank employed 208,720 full-time staff at the end of December 2025 and has already recorded 1 billion dollars in restructuring costs, mainly related to severance.

Elhedery, who took over in 2024, has been reshaping the bank by trimming management ranks, selling non-core businesses and introducing a compensation model that rewards top performers more heavily. The strategy includes greater use of artificial intelligence to improve efficiency and lower headcount. Shares fell following reports of the possible job reductions, despite having risen strongly over the past year.