US Stock Movement | HSBC Holdings (HSBC.US) drops over 2% amid reports of plans to cut 20,000 jobs in the coming years

According to reports, HSBC Holdings is planning large-scale layoffs in the coming years, with CEO Georges Elhedery betting on artificial intelligence to reduce the scale of middle and back-office operations. Sources revealed that non-client-facing positions within global service centers are expected to be most affected, and this adjustment may ultimately impact about 20,000 positions, accounting for approximately 10% of HSBC's total workforce. The relevant assessments are still at an early stage.