HSBC has both empowered its people with AI and hired 1,800 technologists

HSBC is powering-up. It is paying more. It is empowering its people. It is firing. And it is hiring.

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Today's full year and fourth quarter results documents from HSBC underscore the smorgasbord of things occurring at the bank. After ruthlessly pivoting away from M&A and ECM outside of Asia and the Middle East and simplifying its businesses, HSBC cut 4,400 jobs and $600m in costs last year. It was only planning to cut $300m in costs, so the target was exceeded. 

While this was occurring, HSBC stocked up on technology staff. The bank said today that it "invested" in 1,800 technology full time employees last year. Its technologists have a remit to "empower colleagues" with AI; around 85% of colleagues have been enabled with a Gen AI productivity tool.

HSBC's technology team is led by Stuart Riley, who joined from Citi in 2023. Riley, who was well liked at Citi, is reportedly busy simplifying HSBC's IT estate. 

While HSBC accumulates technologists to work on simplification and AI empowerment, other banks have been slowing the pace of IT hiring. JPMorgan, for example, said this week it only increased technology headcount by 1% last year.

HSBC's strategy appears popular internally. 78% of its people employees declared themselves engaged in its employee engagement index, down only two percentage points on last year.

It may help that median pay at the bank is up 47% since 2019, as per the chart below from the 2025 annual report. 

Pay at HSBC

 Source: HSBC

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