HSBC (HKG:0005) Chief Executive Georges Elhedery said artificial intelligence will eliminate some jobs while creating new roles, Bloomberg News reported Wednesday, citing remarks at an investor and analyst session.

Speaking in Hong Kong, Elhedery said the bank wants staff to embrace the transition rather than feel alienated or threatened by it, according to the report.

Elhedery also said HSBC expects to achieve its annual cost-saving target of $1.5 billion about six months ahead of schedule after already delivering $1.4 billion in savings, The Standard reported separately.

He said the savings target is equivalent to about 8% of staff expenses and that the bank could attract more than 1 million new customers annually over the next two decades, according to the report.

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