Another Massive Layoff, Company Firing 20,000 Backend Team?

We commonly hear companies firing a very small portion of their employees, which is usually in tens or hundred. But since the aftermath of Covid and the AI revolution, things have started to take a drastic term in the human workforce market.

Several global companies like Google, Microsoft and Amazon have already fired a huge chunk of their employees, and this tradition is continuing in the future as well. The new addition to the list is one of the leading banking companies in the world, HSBC.

According to the latest development, HSBC is planning on cutting as many as 20,000 jobs in the near future as the company allies with AI revolution. 

Apparently, several of the mid end and back end activity operators in the company are likely to face the heat in the near future. The company is likely to size down by a massive margin as they are planning to fire their backend team.

This is going to be one of the biggest lay off operations anywhere in the world since the precision kicked in. Companies like Amazon and Microsoft had fired in the range of 10,000 to 16,000 employees in the recent past. But HSBC is likely to take a pretty significant step by firing as many as 20,000 people.

The possible solution for the current employees to keep themselves aware of the market is to train themselves in AI and also keep updated with the latest advancements. But even then there have been several reports about the severe disruption in human skilled labour due to the AI onset.