HSBC is weighing up plans to cut as many as 20,000 jobs globally over the next three to five years as it accelerates the use of artificial intelligence to streamline operations, in what could become one of the most significant workforce reductions in modern banking.

According to reports, the lender is exploring how AI can reduce reliance on back- and middle-office roles, with up to 10 per cent of its 210,000-strong global workforce potentially affected. While the bank declined to comment, the proposals align with a broader strategic push under chief executive Georges Elhedery to simplify processes and reduce operational complexity.

In the UK, where HSBC employs around 34,700 people, a proportional reduction could see approximately 3,500 roles impacted. The bank’s domestic footprint spans retail banking, corporate operations and asset management, alongside its London headquarters.

The potential cuts form part of a wider transformation agenda as HSBC seeks to embed generative AI across the organisation. Speaking earlier this year, Elhedery said the bank was rolling out AI tools to all employees, aiming to both improve productivity and enhance customer-facing services through more personalised interactions.

“We want to simplify processes, procedures and policies and reduce complexity,” he said at the time, while also highlighting the role of AI in equipping frontline staff.

The review of headcount began before the recent escalation in the Middle East, underscoring that the move is driven by long-term structural change rather than short-term economic shocks. Since taking over in 2024, Elhedery has already reduced staffing through divestments and a sharper focus on HSBC’s core markets, particularly in Greater China.

A reduction on this scale would place HSBC at the forefront of an emerging trend across global finance, where automation is increasingly targeting traditional white-collar roles. Industry estimates suggest banks could eliminate up to 200,000 positions worldwide in the coming years as AI systems take over tasks such as compliance checks, document processing and client onboarding.

Recent announcements from other sectors reinforce the direction of travel. Amazon has outlined plans to cut 16,000 roles, while Hewlett-Packard expects to shed up to 6,000 jobs over three years, both citing efficiency gains from AI. In the UK, Close Brothers this week confirmed 600 job cuts as it deploys AI “at pace” to reduce costs.

For HSBC, the financial incentives are significant. The bank reported a wage bill of $19.6 billion last year, up 6 per cent, and is targeting $1.5 billion in annualised cost savings ahead of schedule. AI-driven efficiencies are expected to play a central role in achieving those targets.

Pam Kaur, HSBC’s chief financial officer, recently emphasised the dual benefit of AI adoption, highlighting both revenue opportunities and cost reductions. “We are focused on the benefits we can get through AI, whether it’s on better productivity around the revenue line or just the cost benefit,” she said.

The shift also reflects a broader evolution in workforce strategy, with HSBC increasingly adopting a performance-led model in which top performers receive a larger share of bonuses, while underperformers are encouraged to exit.

However, the scale of potential job losses raises questions about the pace at which AI can deliver tangible financial returns. A widely cited study last year found that the vast majority of corporate AI initiatives had yet to materially improve profitability, suggesting that expectations may still be running ahead of reality.

Even so, sentiment among large corporates appears to have shifted. Businesses are now more willing to act on anticipated gains from automation, betting that AI can meaningfully reshape cost structures without undermining service quality.

For HSBC, the outcome of its deliberations will be closely watched across the financial sector. If implemented, the cuts would not only mark a major restructuring for one of the world’s largest banks, but also signal a tipping point in how AI is transforming employment across global finance.

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STOCKHOLM—A Swedish company is defying a downturn in green-technology funding by raising new capital as investors bet that its electric ferries can make a splash with public transport operators and commuters.

Stockholm-based Candela started out developing hydrofoiling electric leisure boats, but is now applying the technology and lessons learned from its speed boats to ferries.

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Mumbai: HDFC Bank, which accounts for nearly an eighth of the Nifty by weighting, slumped more than 5% at close Thursday in the stock’s steepest single-day drop in 21 months after non-executive chairman Atanu Chakraborty abruptly resigned, citing “practices… not in congruence with my personal values and ethics.”

Analysts said the exit, coupled with uncertainty surrounding the term renewal of the incumbent CEO, may keep the stock under pressure in near term despite mouthwatering valuations. CEO Sashidhar Jagdishan’s second term ends in October.

The stock ended 5.3% lower at ₹798.2, its weakest close since August 2024, erasing ₹69,026 crore in market value. It had fallen to ₹770 apiece at the start of the day. The Nifty 50 fell 3.3% to 23,002.15. HDFC Bank has the strongest influence on the index movement with an 11.83% weight.

Brokerage Macquarie said the stock may continue to underperform in the near term.

“While fundamentals remain strong with good ROA, at this point in time governance concerns will weigh down heavily on the stock,” the brokerage wrote. “Investors would want more comfort from the board. Also now the uncertainty surrounding Sashi’s reappointment will weigh down on the stock.”

Macquarie has an ‘Outperform’ rating on the stock with a target price of ₹1,200.
Brokerage Bernstein noted that while the stock is already trading at or below Covid-era valuation levels, recovery from governance-related concerns will be neither quick nor easy. “Investors will likely wait to ensure that this doesn’t trigger any investigations from regulators that could take longer to conclude,” Bernstein said. The firm has a target price of ₹1,150. Technically, the stock may see some relief after sharp sell-off. HDFC Bank has dropped 24% over the past four months and has breached key support zones at ₹860 and ₹840.

“Momentum indicators are now in oversold territory, suggesting a potential pullback,” said Rohan Shah, technical analyst at Asit C Mehta Investment Intermediates. “But failure to sustain above ₹840 could renew selling pressure, with downside risk towards ₹750-730 over the coming weeks.”

He added that weakness in the broader Bank Nifty and the overall market could add to the drag.

At current valuations of about 1.7 times FY27 price-to-book, the stock offers an attractive entry point, said Sunny Agrawal, Head of Fundamental Research at SBI Securities. who has a target price of ₹1,100.

“The management clarified on Thursday that the resignation was solely due to personal relationship issues between chairman (non executive) and leadership team and does not impact the bank’s business performance or underlying values and ethics,” he said. “With RBI reaffirming the bank’s fundamentals and Keki Mistry returning to the board, we believe investor confidence should stabilise.”

Mumbai: Encube Ethicals has paused plans to sell a majority stake due to a valuation mismatch, said people familiar with the matter. Instead, the company is exploring the possibility of an initial public offering (IPO) by 2027, they said.

Global private equity firms including Warburg Pincus, EQT, and Partners Group had shown interest in acquiring the business at $1.5-1.6 billion (₹13,980-14,912 crore) valuation. However, this fell short of the $2 billion valuation sought by the promoters and existing investor Quadria Capital, said the people cited above.

“As the promoters plan an IPO in the next 12-18 months, Quadria Capital is likely to stay invested and partially exit through the public offering,” one of the persons said.

Promoter Mehul Shah and his family currently hold around 84.2% in the company, while Quadria owns 14.9%, with the remainder held by other investors and the ESOP pool. Quadria had acquired the stake in 2021 at a valuation of $800 million.

A consortium led by Warburg Pincus and Abu Dhabi sovereign wealth fund Mubadala Investment Company had emerged as the frontrunner to buy up to a 74% stake in the company, ET reported last month.

Quadria had appointed JPMorgan to run the sale process.
Encube is a generics-focused pharmaceutical contract manufacturer known for brands such as Soframycin. Founded in 1998, Encube specialises in topical formulations and has built a strong portfolio spanning creams, gels, and ointments catering to dermatology and reproductive healthcare. In 2021, the company entered the consumer healthcare space by acquiring brands such as Soframycin, Sofradex, Sofracort, and Soframycin-Tulle from Sanofi for India and Sri Lanka in a deal worth around ₹125 crore.

Unknown Executive

Greetings. Gary Fishman is having some technical difficulties. This is Bradley. I just wanted to say welcome to the RCI Hospitality Holdings Fourth Quarter and Year-end Earnings Conference Call. My name is Bradley Chhay.

You can find the company’s presentation on the RCI website. Go to Investor Relations section. All the links are on the top of the page. Please turn to Slide 2 of our presentation. Our speakers today are Travis Reese, Interim President and CEO; and Albert Molina, Interim CFO.

Please turn to Slide 3. RCI is making this call exclusively on X Spaces. To ask a question, you will need to join the Space with a mobile device. To listen only, you can join the space on a personal computer. At this time, all participants are on listen-only mode. A Q&A session will follow after the call. The conference is being recorded.

Please turn to Page 4. I want to remind everyone of our safe harbor statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.

Please turn to Page 5. I also direct you to the explanation of RICK’s non-GAAP financial measures. Now I’m pleased to introduce Travis Reese, Interim President and CEO. Take it away, Travis.

Travis Reese
Interim President, CEO, Secretary & Chairman

Thank you, Bradley. Thank you all for joining us. Please turn to Slide 6. I’m pleased to report that we filed our 10-K today and announced our

Bizarre footage has captured the chaotic moment a service robot appeared to spin out of control at a restaurant near San Jose, California, violently striking a customer’s food and tableware without warning before abruptly breaking into a series of erratic dance moves. 

The wild incident was captured in a viral video in Cupertino at a Haidilao hot pot location, a chain known for integrating artificial intelligence and robotic technology to help streamline operations, including delivering food to tables.

In the video, the robot appeared to begin a dance routine near diners before suddenly pounding a neighboring table, sending tableware, chopsticks and condiments flying off the surface.

Staff members were then seen struggling to restrain the uncontrollable humanoid as it continued to move with even greater energy, appearing to hype up the crowd with its wild gestures. 

GRUBHUB LAUNCHES FIRST-EVER COMMERCIAL DRONE FOOD DELIVERY SERVICE IN NEW JERSEY

The robot carried on for another minute with a condiment-stained hand as it displayed a cheerful expression.  

The restaurant reportedly said the robot’s sudden attack on the dining space was caused by human error and was not a programming malfunction. The bot simply appeared too close to the table when it began its entertainment routine.

DELL WORKFORCE SHRINKS BY 10% FOR THIRD CONSECUTIVE YEAR

“In this case, the robot was brought closer to a dining table at a guest’s request, which is not its typical operating setting,” Haidilao said in a statement, NBC reported. “The limited space affected its movement during the performance.”

The robots, which are more widespread in China than overseas, have been used by the Beijing-based company for years.

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In 2022, the tech-forward dining chain launched its first smart restaurant worldwide in Beijing, featuring tools such as an intelligent kitchen management system, automatic broth-mixing machines, and robot servers.  

Ticker	Security	Last	Change	Change %
HDALF	HAIDILAO INTERNATIONAL HOLDING LTD.	2.04	-0.10	-4.67%

FOX Business reached out to Haidilao for more information.

Mumbai: The Securities and Exchange Board of India (Sebi) would take up a slew of proposals at its Monday board meeting, including one that allows foreign portfolio investors (FPIs) to settle the net value of their cash market trades instead of gross transactions. This seeks to slash costs and encourage overseas commitments amid record outflows.

Sebi is also likely to review the ‘fit and proper’ criteria for market intermediaries, such as stockbrokers, people in the know told ET. The review pertains to disqualification norms for key managerial persons and directors.

At present, individuals in key roles face automatic disqualification if an FIR or charge sheet is filed in an economic offence case. The regulator intends to scrap this automatic trigger, offering relief to executives facing allegations that are yet to be proven in court.

“Currently, mere filing of a criminal complaint triggers disqualification for key personnel, even before any guilt is established,” said Aditya Joby, senior associate at Joby Mathew & Associates. “This can unfairly damage careers and livelihoods. Moving to conviction-stage disqualification better reflects the presumption of innocence in Indian law. The challenge will be how this interacts with the proposed Securities Market Code and delays in Sebi’s special court, which can still affect individuals in the interim.”

The regulator also plans to ease rules for alternative investment funds (AIFs) seeking to wind up schemes and surrender registration, helping funds stuck due to unresolved legal or tax issues.

“Sebi’s proposal to allow netting will ease liquidity pressures for FPIs and reduce forex costs, particularly on days where securities have to be bought and sold for rebalancing purposes,” said Rajesh Gandhi, partner at Deloitte. ” This is another step taken by Sebi to ease norms for FPIs and provide regulatory ease to enable greater flow of capital to India.”
At present, FPIs are required to trade on a delivery basis, meaning transactions must result in the actual exchange of securities and cash, with no netting or same-day offset. All trades are settled on a gross basis through custodians, requiring full pay-in for both buys and sells. For instance, an FPI buying shares of A worth ₹100 crore and selling an equal amount of shares of B must still fund the purchase and deliver the securities before receiving cash and shares in settlement.

Sebi noted that this pay-in obligation of ₹100 crore leaves the FPI underinvested for at least a day, as funds cannot be netted against sale proceeds.

Dhaval Jariwala, partner at P N D J & Associates, added that netting would cut FPI funding costs with minimal operational challenges. FPIs withdrew over ₹71,746 crore from Indian equities this month (up to March 17), according to ETIG data.

At the meeting, the Sebi board will also discuss a proposal to allow InvITs (Infrastructure investment trusts) to continue holding investments in SPVs (special purpose vehicles) after a project’s concession period ends, widen the pool of liquid mutual funds for parking surplus funds, and permit privately listed InvITs to invest up to 10% of assets in under-construction or greenfield projects.

The regulator may also reduce the minimum investment in social impact funds from ₹2 lakh to ₹1,000 to encourage small investors to back social projects.