The Financial Times reported that HSBC may cut about half of management and specialist roles in UK wealth, and up to about 70 percent of adviser roles, during an AI overhaul.
HSBC is planning sweeping job cuts in its UK wealth management business as it integrates artificial intelligence, the Financial Times reported on Wednesday. Reuters said the bank did not immediately respond to its request for comment outside regular business hours.
People familiar with the plans told the FT that about half of management and specialist roles in the business could go, and that reductions among financial advisers could reach around 70 percent. HSBC does not disclose headcount for the unit. The FT said it is thought to have hundreds of relationship managers across the country.
The bank told the FT it is continuing to evolve so it can deliver more digitally enabled products and journeys. The report said the bank is in a consultation period and that affected employees are expected to leave by the end of the month.
In May, chief executive Georges Elhedery told an investor day that staff needed to embrace AI-driven change and that generative AI will destroy certain jobs. He has made AI central to strategy since taking over in 2024.
The figures remain attributed to people familiar with the plans, not to a published HSBC headcount. No union response was included in the Reuters account.
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- HSBC told the Financial Times it is evolving to deliver more digitally enabled products.
- Georges Elhedery said in May that generative AI will destroy certain jobs.