HSBC to Trim 35,000 Jobs & Employ Blockchain, AI

HSBC executive, in an analyst call held on February 18, disclosed the bank’s intention to eliminate 35,000 positions by the end of 2022 and invest additional funds in digital solutions.

HSBC aims to trim down the staff count and branches over the next three years, while streamlining the operations by setting aside money for technological advancement.

Noel Quinn, group chief executive further stated in the earning call that:

“In Retail Banking, we will expand our products offering and increase our investment in digital. We’ll refocus our Retail Banking presence to serve globally mobile clients, reducing our branch network in the US by around 30%. […] We will also continue to invest in the digital systems and solutions that will improve the service we offer our clients.”

Going by earlier statements of HSBC, it is clear that the bank is looking to deploy a new blockchain powered custody platform, referred to as Digital Vault, by March 2020.

HSBC intends to transfer $20 billion worth assets to the aforementioned platform and digitize hard copies of documents related to private placements with the intention of increasing uniformity and quicken up procedures in the budding sector.

Three years back, the bank nominated a team of advisors to study methods to employ path breaking technologies such as blockchain, artificial intelligence and biometrics into its operating model to minimize cost.