Kelvin MacKenzie: HSBC to cut 10 percent of UK back office jobs due to AI

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Andrey Mastykin

20.03.2026

Kelvin MacKenzie: HSBC to cut 10 percent of UK back office jobs due to AI — HSBC to cut 3,500 banking jobs

Kelvin MacKenzie highlights concerns over artificial intelligence displacing jobs at major banks. He cites a Bloomberg report stating that HSBC boss Georges Elhederey plans to reduce back office positions by 10 percent, resulting in 3,500 UK banking employees losing their jobs due to AI adoption.

MacKenzie further predicts that every major bank will follow suit over the next three years, with white-collar roles at particular risk.

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The acceleration of AI-driven restructuring within the financial sector comes amid ongoing volatility for both markets and homeowners. Recent turbulence, such as when Close Brothers shares plunged to 4 pounds, underscores how disruptive technological and economic shifts can be for industry participants. Meanwhile, broader asset pressures remain evident, highlighted by research showing that one in five million-pound homes sold at a loss last year, reflecting the persistent challenges faced across multiple facets of the UK economy.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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