HSBC’s global workforce declined by around 4,500 full-time equivalent employees over the six months to September, as the bank continued to simplify its organisational structure and eliminate overlapping roles.
The lender had 2,04,330 full-time equivalent employees at the end of September, down from 208,844 at the end of March, according to its quarterly results. The bank had previously reported broadly stable headcount between December and March.
The reduction reflects several factors, including organisational changes and the removal of duplicate roles as part of HSBC’s ongoing simplification programme. The figures do not indicate how many employees were affected by redundancies, voluntary exits or other workforce changes.
The headcount decline comes amid reports that HSBC is preparing substantial cuts in its UK wealth-management division as it increases the use of artificial intelligence (AI) to serve high-net-worth clients. According to a Financial Times report, around half of management and specialist roles in the business could be eliminated, while the number of financial advisers could fall by close to 70 per cent. These proposed reductions have not been confirmed in the figures disclosed in HSBC’s quarterly results.
The developments also come amid wider workforce restructuring across the banking sector. Barclays recently announced plans to cut around 5,000 jobs, equivalent to approximately 5 per cent of its workforce, as it seeks to simplify operations and respond to productivity gains from technology.
HSBC has been undergoing a broader organisational overhaul since Georges Elhedery became chief executive in 2024. The restructuring divided the bank’s operations into four businesses: UK, Hong Kong, corporate and institutional banking, and international wealth and premier banking.
