Reuters tally shows AI layoffs spreading from tech to banks

AI-linked job cuts are no longer confined to Silicon Valley. A Reuters factbox published Oct. 6 lists layoffs tied to artificial intelligence that have been announced since October 2025, at companies ranging from Microsoft ↗ 2.38% to the credit-scoring agency FICO Fair Isaac Corporation ↘ 5.63%. The news agency said the list adds to concerns that AI adoption will upend established industries, with job losses showing up in the sectors most exposed to automation.finance.yahoo

HSBC ↗ 0.40% leads the tally. In March it said it would cut 20,000 jobs, about 10% of its workforce, as an AI overhaul gets under way. Amazon Amazon.com, Inc. ↗ 3.29% is next with 16,000 corporate job cuts announced in January, which it described as an AI- and efficiency-driven overhaul.finance.yahoo

Banks join the list

Several lenders appear in the factbox. Standard Chartered outlined more than 7,000 cuts over four years in May. Japan's Mizuho ↘ 0.56% plans up to 5,000 reductions over 10 years. Sweden's SEB Skandinaviska Enskilda Banken AB flagged up to 2,100 cuts by the end of 2027 as it restructures to make use of AI. Danske Bank said it would cut 420 jobs and DNB about 400, while insurer Allianz plans up to 1,800 cuts in its travel insurance division as AI replaces manual work.finance.yahoo

Companies outside finance and tech are also on the list. British American Tobacco ↗ 0.13% said in June it would cut 5,500 jobs and move 3,500 roles to third parties. Dow ↘ 0.59% announced 4,500 cuts, or 13% of its workforce, and Nike ↘ 0.09% 775.finance.yahoo

Tech keeps cutting

Tech companies still account for many of the entries. Microsoft announced 4,800 cuts in July, about 2.1% of its workforce, affecting its commercial and Xbox businesses. Cisco ↗ 3.05% said in May it would cut fewer than 4,000 roles and expects pre-tax charges of up to \$1 billion. Block ↗ 2.67% said it would cut more than 4,000 jobs, nearly half its workforce. HP Inc. ↘ 6.91% plans 4,000 to 6,000 cuts by the end of 2028, and Intuit ↘ 0.37% about 3,000. Meta ↘ 0.31% appears several times, including a March entry saying its workforce could shrink by as much as 20% as it focuses on AI and data-center spending.finance.yahoo

A cost story with a lag

Finimize said companies are increasingly presenting layoffs as part of "AI transformations" rather than ordinary cost-cutting. It noted that AI can automate parts of customer service, compliance checks, software testing and back-office work. The switch is not straightforward, though. New tools require spending on software, data and retraining, and some jobs get reshaped rather than eliminated.finimize

For investors, the timing matters. Severance and restructuring charges usually hit reported profits before any savings appear, so markets often react to "the size and schedule of those one-off hits" as much as to promised efficiency gains, Finimize said.finimize