HSBC plans to cut jobs across its UK wealth management business as it pushes to integrate artificial intelligence into the division, the Financial Times reported on Wednesday.
The bank could reduce financial adviser positions by around 70% while about half of management and specialist roles may be eliminated, according to the report, which cited people familiar with the plans.
HSBC does not disclose the number of employees in its UK wealth business, although the FT said the division is believed to have hundreds of relationship managers across the country.
The proposed changes are currently subject to a consultation process, with affected employees expected to leave by the end of October, the report said.
HSBC said it was continuing to develop its wealth management and premium banking services through greater use of digital technology.
“HSBC UK is a long-established, leading UK wealth manager and premium banking provider,” the bank said in a statement to Reuters. “We’re continuing to evolve to deliver more digitally enabled products and journeys to support our best-in-class wealth service and meet the changing needs of our customers.”
The planned cuts come as chief executive Georges Elhedery places AI at the centre of HSBC’s strategy. At an investor day in May, he urged employees to embrace changes driven by the technology, warning that “generative AI will destroy certain jobs”.
HSBC has since been deploying AI across multiple functions and businesses to simplify operations and personalise content for customers.
The move reflects a wider shift across the global banking industry, where increased investment in AI is changing job roles and raising concerns about the impact of automation on established workforces.
Reuters
