HSBC and Standard Chartered are set to cut thousands of jobs as they adopt more artificial intelligence (AI) in their operations. HSBC CEO Georges Elhedery warned that around 20,000 roles could be cut over the coming years, while Standard Chartered plans to cut 15% of its corporate function roles by 2030, potentially resulting in nearly 8,000 redundancies.
In a bid to adapt to the changing landscape, Elhedery told HSBC staff to embrace AI-driven change rather than resist it. He emphasized the need for staff to work with the bank on navigating the new technology.
Meanwhile, Webull has launched Vega Analyst, an AI-powered research tool designed to provide customized, real-time stock analysis for individual investors. This move is part of a broader trend in the financial sector, where institutions are increasingly turning to technology to automate tasks and improve customer service.
Incyte is paying Genesis $80 million upfront to expand its use of AI in drug discovery and development. The AI training dataset market is expected to grow from $1.4 billion in 2023 to $6.5 billion by 2033, at a CAGR of 18.1%. Additionally, Meta is offering rival AI chatbots free access to WhatsApp in Europe, while NC senators consider new restrictions on AI in insurance and medical billing.
Celestica is poised to benefit significantly from ongoing demand for AI hardware, particularly driven by hyperscalers and a major Ethernet upgrade. The company's Hardware Platform Solutions segment is expected to sustain elevated growth through 2026 and beyond.
Key Takeaways
['HSBC and Standard Chartered plan to cut thousands of jobs due to AI adoption.', 'HSBC CEO warns of up to 20,000 job cuts over the coming years.', 'Standard Chartered to cut 15% of corporate function roles by 2030.', 'Webull launches AI-powered research tool, Vega Analyst.', 'Incyte pays Genesis $80 million to expand AI use in drug discovery.', 'AI training dataset market expected to grow to $6.5 billion by 2033.', 'Meta offers rival AI chatbots free WhatsApp access in Europe.', 'NC senators consider restrictions on AI in insurance and medical billing.', 'Celestica poised for growth on AI hardware demand.', 'Trump AI executive order seeks early government access to advanced models.']StanChart to cut 7,000 jobs in AI push
Standard Chartered plans to cut 15% of its corporate function roles by 2030, which could result in nearly 8,000 redundancies. The bank wants to replace 'lower-value human capital' with technology and other investments. This move is part of a broader trend in the financial sector where institutions are increasingly turning to technology to automate tasks and improve customer service.
HSBC CEO warns AI will cut banking jobs
HSBC CEO Georges Elhedery warns that the bank could cut around 20,000 roles over the coming years as it adopts more artificial intelligence (AI) in its operations. The bank's use of AI is part of a broader trend in the financial sector, where institutions are increasingly turning to technology to automate tasks and improve customer service.
HSBC CEO says AI will destroy and create new jobs
HSBC Chief Executive Georges Elhedery told an HSBC investor day event that staff needed to embrace AI-driven change rather than resist it and work with the bank on navigating the new technology. Elhedery said HSBC staff needed to ensure they were 'not fighting us, not disenfranchised, not anxious, overwhelmed, and resisting the change.'
Standard Chartered plans to cut 7,000 jobs in AI push
Standard Chartered plans to cut 15% of corporate roles through 2030 and replace 'lower-value human capital' with AI. The bank will focus on automation and will offer retraining and reskilling to affected employees.
Webull launches AI-powered research tool
Webull launched Vega Analyst, an AI-powered research tool tailored for individual investors. The feature delivers customized, real-time stock analysis based on user-selected preferences within the Webull platform.
Webull expands AI trading strategy
Webull launched Vega Analyst, a new artificial intelligence-powered research tool designed to generate customized stock analysis reports tailored to each investor’s specific research priorities.
Celestica set for strong growth on AI hardware demand
Celestica is poised to benefit significantly from ongoing demand for AI hardware, particularly driven by hyperscalers and a major Ethernet upgrade. The company’s Hardware Platform Solutions segment is expected to sustain elevated growth through 2026 and beyond.
AI Training Dataset Market to grow
The global AI training dataset market is expected to grow from USD 1.4 billion in 2023 to USD 6.5 billion by 2033, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period.
HSBC CEO tells staff not to fight AI
HSBC appealed to staff not to fight AI, saying it would destroy jobs while creating new ones, as banking rival Standard Chartered sought to calm workers over comments that the technology would replace lower-value human capital.
Incyte expands AI deal with Genesis
Incyte is paying Genesis $80 million upfront to expand use of its partner’s AI platform across a broader range of targets, continuing the biotech’s rapid embrace of AI in drug discovery and development.
Meta offers rival AI chatbots free WhatsApp access
Meta offers rival AI chatbots free access to WhatsApp in Europe, in a bid to avoid further regulatory scrutiny.
NC Senators consider AI restrictions
NC senators consider new restrictions on artificial intelligence in insurance and medical billing.
Trump AI executive order seeks early access
Trump AI executive order seeks early government access to advanced models.
India banks scramble to catch up with AI hackers
India’s banks are stepping up cyber defenses, hiring, and insurance as concerns grow that advanced AI systems could make cyberattacks faster and harder to contain.
Sources
- StanChart CEO seeks to reassure staff over 'lower value human capital' comment
- HSBC CEO Georges Elhedery warns AI will cut banking jobs
- HSBC CEO says AI will destroy and create new jobs, urges staff to embrace change
- Standard Chartered plans to cut 7,000 jobs in AI push — lender wants to replace ‘lower-value human capital’ and focus on automation
- Webull’s Vega Analyst Puts AI Research At The Center Of Trading
- Webull Expands AI Trading Strategy With Personalized Stock Research Engine
- Celestica set for strong growth on AI hardware demand, with potential 20%+ annual returns through 2030.
- AI Training Dataset Market Trends Analysis Report Report 2026-2033: Expansive Datasets are Driving Advanced Applications in Drug Discovery, Precision Medicine, Genomics Research, and Healthcare AI
- Don't fight AI, HSBC CEO tells staff as banks begin job cuts
- Incyte pays Genesis $80M to expand AI-fueled drug discovery pact
- Meta offers rival AI chatbots free WhatsApp access in Europe
- NC Senators consider new restrictions on artificial intelligence in insurance and medical billing
- Scoop: Trump AI executive order seeks early government access to advanced models
- Inside India’s banks’ scramble to catch up with AI-powered hackers
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