During an investor day event, HSBC Chief Executive Georges Elhedery discussed the dual impact of artificial intelligence (AI) on jobs within the financial sector, acknowledging that while AI will lead to job losses, it will also create new opportunities. He emphasized the necessity for HSBC's 200,000 employees to embrace AI-driven change and to be proactive in acquiring new skills and capabilities. Elhedery stated, "We all know generative AI will destroy certain jobs and will create new jobs," underscoring the importance of workforce retraining. This statement comes in the wake of Standard Chartered's announcement to cut over 7,000 jobs by 2030, as it seeks to replace lower-value roles with technology. HSBC is also integrating AI across various functions, including customer onboarding and financial risk monitoring, as part of its strategic goal to enhance efficiency and returns. The bank's commitment to AI is further demonstrated by the recent appointment of David Rice as its first chief AI officer, tasked with spearheading these initiatives.