HSBC plans deep cuts to UK adviser roles as wealth unit turns to AI

HSBC is reportedly planning to cut around 70 percent of its UK financial adviser roles as it increases its use of AI and restructures its wealth business. The proposed reductions would also affect around half of management and specialist roles in the division, according to the Financial Times, with affected employees expected to leave at the end of October after consultation.

The restructuring is part of a broader overhaul under chief executive Georges Elhedery, who has been simplifying the bank’s structure, reducing costs and increasing technology investment. HSBC has said AI tools are being given to employees to amplify expertise, improve decisions and reduce complexity, while the bank has explored uses including document analysis, customer service and software development.

The plans mark a shift for a UK wealth operation HSBC had previously sought to expand. HSBC announced plans in 2023 to recruit more than 100 wealth managers as it pursued a target of increasing UK wealth assets to £100 billion by 2030. The bank has not disclosed how many employees could lose their jobs or how many losses would directly result from AI.