AI-Linked Layoffs Top 100,000 as Banks Join Big Tech, Reuters Tally Shows
The Biggest Announcements
HSBC leads with 20,000 cuts, or about 10% of its workforce, which Reuters describes as a deep job-cut plan as an overhaul unfolds. Amazon follows with 16,000 corporate job cuts. Together, those two account for about 35% of the total.
Standard Chartered plans cuts of more than 7,000 over four years. British American Tobacco is cutting about 5,500 jobs as part of an AI-driven overhaul. Barclays expects to cut about 5,000 roles, or 5% of its workforce, in support functions. Mizuho plans up to 5,000 cuts over 10 years, and Microsoft announced 4,800, or 2.1% of its workforce.
Banks Join Big Tech
The list is no longer just a tech story. Adding the seven banks in the table (HSBC, Standard Chartered, Barclays, Mizuho, SEB, Danske Bank and DNB) comes to about 40,000 cuts. That is roughly 39% of the total.
Technology firms are still well represented. Block cut more than 4,000 jobs, nearly half its workforce. Cisco is cutting fewer than 4,000, under 5% of staff, and expects pre-tax charges of up to $1 billion. Intuit is cutting about 3,000 roles, or 17%, and WiseTech Global cut 2,000, one-third of its workforce. Atlassian cut about 1,600, around 10%.
What “AI-Linked” Really Means
Reuters’ notes show a mix of reasons. Some entries cite AI-driven streamlining. Others cite automation, efficiency drives or restructuring. Meta’s Reality Labs cuts are described as a pivot from the metaverse to AI devices, and Nike’s as a profit push alongside automation.
Finimize makes the same point. It says AI job losses often blend automation, cost-cutting and broader reorganizations that move spending away from payroll and toward data, cloud infrastructure and model development.
The timelines also vary. Mizuho’s plan runs over 10 years, Standard Chartered’s over four, and HP Inc’s cuts of 4,000 to 6,000 run to the end of 2028. Some entries have no number at all, so the real total is probably higher than the headline figure.
What It Means for Workers
This section is our own view, not part of the reporting.
The list suggests that support functions, operations and corporate roles are among the most exposed. That does not mean every job in those areas will disappear. It does mean that workers who can show results using AI tools are better placed than those who cannot.
For practical reading, see our pieces on why AI is changing creative work and what to do and how to use AI coding tools without losing your skills. Our report on Adobe’s new CEO and AI disruption shows how one company is responding.
What to Watch Next
Watch for further factbox updates as third-quarter earnings season continues. Also watch the money behind AI. Bank of America analysts said markets are becoming less willing to fund the AI infrastructure build-out, pointing to data center developer Firmus withdrawing its IPO because of weak demand.
If funding tightens, companies may lean harder on cost cuts to pay for AI spending. That is an inference, not a reported fact, so treat it as a question to follow rather than a forecast.
