HSBC plans job cuts in UK wealth business
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HSBC is set to implement significant job cuts in its UK wealth management division, according to a report by the Financial Times. The bank aims to eliminate roughly half of the management and specialist positions, while financial adviser roles may face reductions of up to 70%, as per sources familiar with the plans. HSBC's exact number of employees in its UK wealth business remains undisclosed, but the Financial Times notes that it employs hundreds of relationship managers across the country.
The bank's decision comes as part of its efforts to boost the use of artificial intelligence (AI) and provide more digitally enabled products and services. HSBC stated that the changes are aimed at delivering better customer experiences and adapting to the shifting demands of its clients. The bank is currently engaging with employees on the proposed modifications, with affected staff members expected to depart by the end of the month.
In a previous statement during an investor day event in May, HSBC's chief executive, Georges Elhedery, emphasized the importance of embracing AI-driven change. He stated that generative AI would potentially eliminate certain jobs, urging staff to adapt rather than resist the transformation. Elhedery has made AI a central focus of his strategy since taking the helm at HSBC in 2024.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
