HSBC CEO Georges Elhedery said bank employees would continue to play a central role despite the growth of AI. “I need human judgment, I need human decision making, I need human accountability at the core,” Elhedery said in an interview with Bloomberg TV.
He said AI could change how lenders deal with customers, bringing productivity improvements and more tailored services
Even so, he said staff would remain essential and that wider use of the technology could also support additional recruitment over time. Banks have set out job reduction plans in recent months as they prepare to use AI to complete work more quickly and efficiently. In March, Bloomberg reported that HSBC is considering the removal of as many as 20,000 positions, equal to about 10% of its workforce, over the coming years because of AI. “The bank of the future means more capabilities,” Elhedery said. “I would like to be able to accelerate and bring forward a lot of ambitious deliverables we have for the future, and that requires investment, and that is job creation.” Elhedery said HSBC is introducing AI tools across different parts of the group and is already applying them to know-your-customer compliance checks, among other uses.
Last month, JPMorgan CEO Jamie Dimon said the bank is likely to hire more employees with AI skills and “fewer” traditional bankers as the technology becomes more common, Bloomberg reported. At Standard Chartered, CEO Bill Winters drew criticism after saying AI would replace what he described as “lower-value human capital” when discussing planned job cuts. Winters later apologised for those comments.