HSBC is considering cutting up to 70% of financial adviser positions in its U.K. wealth management business as part of a restructuring tied to its broader push into AI and digital customer services, according to the Financial Times.
The bank could also eliminate about half of management and specialist roles in the unit, Reuters reported, citing the FT. HSBC has not disclosed the unit’s employee count or confirmed the proposed reduction percentages.
The plans are under employee consultation, with affected staff expected to leave by the end of October, according to the reports.
“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,” HSBC said in a statement to Reuters.
Chief Executive Georges Elhedery has made AI a key part of efforts to simplify operations and improve efficiency since taking the role in 2024. At a May investor event, he warned that “generative AI will destroy certain jobs,” Reuters reported.
The proposed cuts mark a shift from HSBC’s earlier efforts to expand its U.K. wealth business. The bank has set a goal of doubling wealth management assets to £100 billion by the end of the decade, according to the FT.