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Story summary
- HSBC Holdings is considering cutting up to 20,000 jobs as CEO Georges Elhedery leads an AI-driven restructuring.
- The cuts target non-client facing roles in global service centers and could involve selling parts of the business.
- The plan spans three to five years with no final decisions.
- Discussions began before the recent Middle East conflict.
- HSBC aims to save $1.5 billion by mid-2026 by using AI to boost productivity.
