HSBC reportedly planning widespread job cuts in UK wealth business

HSBC is planning widespread job cuts in its UK wealth management business as it increasingly adopts artificial intelligence (AI) tools to help serve high net worth (HNW) clients, according to reports in the Financial Times (FT).

The FT reported that the bank was planning to drastically reduce its number of financial advisers and specialist staff in its AI push.

According to people familiar with the matter, the bank will cut jobs across its UK wealth business, with nearly 70 per cent of financial advisers to depart alongside around half of its business management and specialist roles.

The FT noted that HSBC does not disclose how many people it employs in its UK wealth business, but it was believed to have hundreds of relationship managers across the country.

Its report stated that the bank was in a consultation period on the proposed changes, with affected staff expected to leave at the end of the month.

HSBC has put AI at the centre of its strategy since its chief executive, Georges Elhedery, took over the position in September 2024.

Wealth management had been identified as one of the areas Elhedery believed AI could have the greatest impact, arguing that AI-driven change needed to be embraced.

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