{"id":93,"date":"2026-05-24T15:41:05","date_gmt":"2026-05-24T15:41:05","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=93"},"modified":"2026-05-24T15:41:05","modified_gmt":"2026-05-24T15:41:05","slug":"dont-fight-ai-hsbc-ceo-tells-staff-as-banks-begin-job-cuts","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=93","title":{"rendered":"Don&#8217;t fight AI, HSBC CEO tells staff as banks begin job cuts"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>LONDON\/HONG KONG, May 20 (Reuters) &#8211; HSBC appealed to staff not to fight \u200bAI on Wednesday, saying it would destroy jobs while creating new ones, as banking rival Standard Chartered sought to \u200ccalm workers over comments that the technology would replace &#8220;lower-value human capital&#8221;.<\/div>\n<div>The predictions from two of the world&#8217;s biggest banks are the clearest sign yet about the upheaval from a technology that can consume and process vast swathes of data, completing tasks previously done by people.<\/div>\n<div>CEO Georges Elhedery urged HSBC staff to make sure \u200bthey were &#8220;not fighting us, not disenfranchised, not anxious, overwhelmed, and resisting the change,&#8221; pledging that AI could make them &#8220;more productive \u200bversions of themselves&#8221;.<\/div>\n<div>&#8220;We all know generative AI will destroy certain jobs and will create new jobs,&#8221; Elhedery said.<\/div>\n<div>Standard \u2060Chartered (STAN.L)<svg><\/svg><span>, opens new tab<\/span> said on Tuesday it would eliminate almost 8,000 jobs as it replaced what its CEO called &#8220;lower-value human capital&#8221; with technology.<\/div>\n<div>Bill Winters \u200bsaid StanChart would cut 15% of its corporate function roles by 2030, highlighting how staff in so-called back office roles are particularly vulnerable.<\/div>\n<div>HSBC \u200bemploys more than 211,000 people, while StanChart has roughly 83,000 employees.<\/div>\n<div>Underscoring the sensitivity of the issue, Winters sought to limit the fallout in a memo on Wednesday, saying staff were valued and any changes would be handled with &#8220;thought and care&#8221;.<\/div>\n<div>Morgan Stanley analysts found that companies in banking, technology and professional services had shed \u200bone in 20 staff in the past year as a result of using AI.<\/div>\n<div>Offshore workers, on which financial services firms rely to run \u200bmany of their IT services at locations including India or Poland, and young, new workers are bearing the brunt, Morgan Stanley&#8217;s report said.<\/div>\n<div>Banks have been \u200creluctant to \u2060publicly discuss the scale of job losses, although this is gradually changing.<\/div>\n<div>Goldman Sachs told staff in October of potential job cuts and a hiring slowdown, an internal memo seen by Reuters showed, as the Wall Street giant embraced AI.<\/div>\n<div>Wells Fargo CEO Charlie Scharf said in December it has not reduced the number of people it employs as a result of AI, but was &#8220;getting a lot more done&#8221; because of the technology.<\/div>\n<h2>AI-FUELLED \u200bJOB CULL RISKS BACKLASH<\/h2>\n<div>As banks \u200bbecome more up front about how \u2060AI could replace routine jobs, fears are growing over the scale of disruption.<\/div>\n<div>Using AI to cut jobs risks a backlash, the CEO of Norway&#8217;s $2.2 trillion sovereign wealth fund said in April as staff resist adopting it \u200bin order not to make themselves redundant.<\/div>\n<div>StanChart&#8217;s Winters said staff who want to retrain will be given \u200bthe chance to \u2060do so.<\/div>\n<div>Academics have warned that staff could be alienated.<\/div>\n<div>&#8220;One should be cautious not to lay off too many staff, because the point in time may come sooner than you think where the productivity potential of AI is realised, and you want these people,&#8221; said Fabian Braesemann at the \u2060Oxford Internet \u200bInstitute.<\/div>\n<div>In Britain, six in 10 people think AI will eliminate more jobs than it \u200bcreates and one in five believe it will create civil unrest, research from the Institute for Artificial Intelligence at King&#8217;s College London found.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=91\">\u2018Am I out?\u2019 Drought and rising costs from Iran war deepen pain for US farmers<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=88\">Civil rights veterans see history repeating after high court guts Voting Rights Act<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=85\">Big Tech turns to Sesame Street, Girl Scouts to deflect scrutiny over kids\u2019 screen time<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fears are growing among workers as banks offer more frank assessments about how AI could replace their jobs.<\/p>\n","protected":false},"author":1,"featured_media":92,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[11,30,32,31,33],"class_list":["post-93","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-artificial-intelligence","tag-corporate-counsel","tag-employee-benefits-executive-compensation","tag-employment","tag-finance-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Don&#039;t fight AI, HSBC CEO tells staff as banks begin job cuts - Reliable Moving Crews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reliablemovingcrews.com\/?p=93\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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