HSBC set to announce 'brutal' jobs cull in wealth division as it turns to AI
Hundreds of people are understood to be employed as wealth relationship managers at the bank across the UK.
HSBC, Europe's largest lender and ranked first in the UK and 11th globally on the Evident AI index, is planning to significantly reduce its workforce in the UK wealth division due to the rise of artificial intelligence. The bank is considering cutting up to 70% of its financial advisers and halving the number of management and specialist roles as part of its cost-cutting efforts.
These changes could potentially result in the loss of hundreds of jobs for relationship managers and financial advisers across the UK. HSBC's UK business manages £134 billion in wealth balances, with roughly an equal split between private banking and premier banking. The bank's chief, Georges Elhedery, has been advocating for a smooth transition to AI, urging staff not to resist change and emphasizing that the bank needs 200,000 employees to succeed.
While banks like HSBC are investing heavily in AI to enhance efficiency, improve financial crime risk management, and personalize client services, concerns remain about the impact on employment in the financial services industry.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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