Most cuts hit support roles — 'fewer developers,' the bank says

Computer Weekly reports the bank said 60 percent of the cuts come from support functions, citing “fewer developers as AI makes our people more productive.” CEO CS Venkatakrishnan framed the cuts as the payoff from years of technology investment, and hedged the AI narrative: “AI has an important role to play and may have a more important role to play in the future… it is the icing on the cake – it's not the cake.”

The banking bloodbath is spreading: HSBC announced earlier this month it would cut half its management and specialist positions in wealth management and reduce human financial advisers by 70 percent — cuts described as “deep, wide and brutal” as AI replaces them. HSBC's investment bank boss recently said AI agents could replace humans trading financial markets “in a few years.”