Comparing the 2026 layoffs at HSBC (20,000 jobs) and Telefonica (6,000 jobs). HSBC cut more people and a larger share of its workforce.
| HSBC | Telefonica | |
|---|---|---|
| People Cut | 20,000 | 6,000 |
| % of Workforce | 9.5% | 6% |
| Total Workforce | 210,000 | 100,000 |
| Date | ||
| Category | AI-DRIVEN | RESTRUCTURE |
| Industry | Finance & Banking | Telecom |
| Reason | 10% cut, AI-driven. | Redundancy plan across multiple units. |