US Stock Movement | HSBC Holdings (HSBC.US) Falls Over 2% as Reports Suggest Plan to Cut 20,000 Positions in Coming Years

LootboxPhobia · 2026-03-20T21:35:12+00:00

Zhitong Finance APP learned that on Friday, HSBC Holdings (HSBC.US) fell more than 2%, closing at $77.42. On the news front, according to reports, HSBC Holdings is planning large-scale layoffs over the coming years, with Chief Executive Officer Noel Quinn betting on reducing back-office operations through artificial intelligence. Sources revealed that positions not directly serving customers within global service centers are expected to be most affected. This adjustment could ultimately impact approximately 20,000 positions, representing about 10% of HSBC's total workforce. Currently, the related assessment is still in its preliminary stages.

LootboxPhobia

2026-03-20 21:35:12

Reuters Finance App has learned that on Friday, HSBC Holdings (HSBC.US) fell more than 2%, trading at $77.42. According to reports, HSBC is planning to carry out large-scale layoffs in the coming years, with CEO George Elhedery betting on reducing back-office operations through artificial intelligence. Sources say that non-customer-facing roles within the global service centers are expected to be most affected. The final impact of this adjustment could affect approximately 20,000 jobs, about 10% of HSBC’s total workforce. The related assessment is still in the early stages.

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