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Top banking executives are responding to Standard Chartered's plan to cut thousands of jobs due to AI adoption. While some leaders deny immediate mass layoffs, research from Morgan Stanley and Juniper Research predicts significant job losses in the European banking sector, with forecasts ranging up to 20% of roles at risk by 2030. Other analysts view this as a realignment rather than pure reduction, noting that vulnerable middle-office positions may be replaced by engineering staff. Major banks like JP Morgan and HSBC acknowledge AI will transform job types, creating new roles while eliminating others.

- Top banking executives are responding to substantial job cuts spurred by AI advancements at Standard Chartered, which plans to eliminate up to 8,000 positions.  
- Morgan Stanley estimates that up to 20% of roles in the European banking sector could face job loss, leading to approximately 400,000 reductions, while alternative forecasts suggest a shift in job types rather than outright loss.  
- As AI impacts the workforce, banks are navigating a delicate balance between cost-cutting and new hiring, with institutions like HSBC considering significant global layoffs in pursuit of efficiency.

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Citigroup

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JPMorgan Chase & Co.

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Lloyds Banking Group plc

CITIGROUP INC 6.250 NON CUM SER II PFD WI

From mild to wild: What impact will AI have on banking jobs?

HSBC Private Bank launched 'HSBC Access', a new offering for ultra-high-net-worth individuals and family offices. This initiative provides access to institutional-grade private market investments, including direct deals and venture capital funds in technology and startups. It marks the first time these clients can invest via HSBC Innovation Banking since its 2023 establishment. The platform offers market intelligence and founder introductions, initially rolling out in Hong Kong before expanding globally to meet growing demand.

- HSBC Private Bank has launched «HSBC Access» to enhance UHNW individuals' access to private market investments and innovation.  
- This platform enables clients to invest in selected technology and start-up companies, previously available only to institutional investors, through HSBC's Banking divisions.  
- The initiative addresses growing demand for private investment opportunities and aims to broaden funding options for entrepreneurs, with plans for global expansion following its initial rollout in Hong Kong.

FiNews

HSBC Private Bank Launches new offering for wealthy clients

HSBC is considering offering non-HKD stablecoins to enhance cross-border transfers and aims to launch a HKD stablecoin in H2. The token will integrate into HSBC's app for payments and tokenized asset investments.

CoinLive

HSBC Considers Non-HKD Stablecoins and Targets H2 Launch for HKD Stablecoin

HUBB

Hubbell completed a $1.9 billion senior notes offering to fund its pending acquisition of NSI Industries, generating approximately $1.87 billion in net proceeds. The underwriting was led by JPMorgan, BofA, and HSBC. Hubbell also executed an indenture to issue $500 million of 2031 notes, $700 million of 2033 notes, and $700 million of 2036 notes, with redemption rights tied to the deal's closure.

- Hubbell has completed a $1.9 billion senior notes offering to finance its acquisition of NSI Industries, yielding approximately $1.8696 billion in net proceeds.  
- The company entered into an Underwriting Agreement with JPMorgan, BofA, and HSBC, and issued various notes due in 2031, 2033, and 2036, which include optional redemption rights.  
- A special mandatory redemption is included if the NSI acquisition does not close by the agreed date.

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Bank of America Corp

Hubbell Completes $1.9 Billion Senior Notes Offering to Help Fund NSI Acquisition

HSBC remains bullish on global stocks despite 'wall of worry'

businessinsider

HSBC remains bullish on global stocks despite 'wall of worry'

IMF Managing Director Kristalina Georgieva warned that the world is unprepared for frequent shocks and urged avoiding the inequalities seen in globalization with the rise of AI. Meanwhile, HSBC CEO Georges Elhedery emphasized that human judgment remains central to banking despite AI adoption, suggesting potential job creation even as the bank considers cutting 20,000 roles.

- IMF Managing Director Kristalina Georgieva emphasized the need for resilient foundations in the face of increasing global shocks, highlighting the impact of AI on labor markets and economies.  
- She noted that earlier failures to address inequalities from globalization should not be repeated with AI, stressing the importance of considering affected communities.  
- HSBC CEO Georges Elhedery acknowledged the central role of human judgment in banking, despite the rise of AI, indicating that it could lead to job creation rather than elimination.

Taipei Times

World is not ready for shocks that are piling up: IMF head

Saudi Arabia’s Public Investment Fund (PIF) has announced a multi-year partnership with the HSBC Championships at Queen's Club, despite a broader retreat from global sports. This deal contrasts with PIF's recent scaling back of investments in LIV Golf, snooker, and WTA finals. The LTA stated that PIF's support enables continued investment in tennis initiatives across Britain, marking a strategic exception to the sovereign wealth fund's wider disengagement from the sporting sector.

- Saudi Arabia’s Public Investment Fund (PIF) has announced a multi-year partnership with the HSBC Championships, despite a broader withdrawal from sports investments.  
- This partnership follows PIF's decision to scale down its involvement in other sports, including plans to withdraw from the LIV Golf League after significant financial losses.  
- The collaboration allows the Lawn Tennis Association to enhance tennis participation in Britain, and coincides with major events like Serena Williams’ return to the court.

Saudi Arabia’s PIF sign Queen’s deal despite wider sporting retreat

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HSBC CEO Georges Elhedery emphasized that human judgment remains vital despite AI integration, asserting that people are central to banking. While acknowledging AI's potential for productivity and personalized services, he insisted on the need for human accountability and suggested future hiring needs. This contrasts with recent industry trends of job cuts, such as Standard Chartered's controversial remarks, though Bloomberg reports HSBC may still cut up to 10% of its workforce.

- HSBC CEO Georges Elhedery emphasized the importance of human judgment and decision-making in banking, even with the rise of artificial intelligence (AI).  
- While he acknowledged that AI could enhance productivity and client services, he suggested that it might lead to future job creation at HSBC, despite the potential for job cuts as seen in other banks.  
- Elhedery stated that HSBC is committed to integrating AI in its operations, currently utilizing it for compliance checks, indicating a shift towards more capabilities in the banking sector.

Businesstimes News

‘Human judgment’ is vital even with AI’s introduction, HSBC CEO says

BT.A

BAESY

UK Prime Minister Keir Starmer announced a £400m plan to develop Britain's first sovereign AI model, 'Lumen Sovereign', backed by major firms including BT, HSBC, and BAE Systems. The initiative aims to reduce dependence on foreign tech giants by training the model on domestic infrastructure like the Isambard supercomputer. This strategy aligns with the government's broader interventionist approach to foster homegrown AI capabilities and ensure national security.

- Sir Keir Starmer's initiative to develop a sovereign British AI capability has garnered support from major firms like BT, HSBC, and BAE Systems, aiming to create the "Lumen Sovereign" AI model.  
- This model will be trained on British infrastructure using the government's £500 million Sovereign AI programme, ensuring independence from foreign technology, with a planned rollout in 2026.  
- Starmer's strategy includes £400 million for specialist AI chips and aims to position Britain as a leader in AI, reducing reliance on foreign providers amid a flourishing UK tech sector.

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Britain’s first sovereign AI model secures blue-chip backing as Starmer unveils £400m plan

Dubai Islamic Bank (DIB) has mandated a USD-denominated perpetual non-call six-year benchmark AT1 sukuk. A consortium of banks, including Arqaam Capital, HSBC, and FAB, serves as joint lead managers. The virtual roadshow began on June 8, with listings expected on Euronext Dublin and Nasdaq Dubai under FCA/ICMA stabilization rules.

- Dubai Islamic Bank (DIB) has mandated a dollar-denominated perpetual non-call six-year benchmark AT1 sukuk, rated A3 by Moody’s and A by Fitch.  
- A virtual deal roadshow commenced on June 8, with several banks appointed as joint lead managers and bookrunners for the issuance.  
- The sukuk is expected to list on Euronext Dublin and Nasdaq Dubai, with applicable FCA/ICMA stabilization rules.

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Moodys

Nasdaq

ZAWYA: Dubai Islamic Bank mandates USD AT1 PNC 6-year sukuk

HSBC Holdings plc ADRhedged(HSBH.US)

From mild to wild: What impact will AI have on banking jobs?

HSBC Private Bank Launches new offering for wealthy clients

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Hubbell Completes $1.9 Billion Senior Notes Offering to Help Fund NSI Acquisition

HSBC remains bullish on global stocks despite 'wall of worry'