HSBC set to axe UK wealth jobs as AI takes hold
HSBC is putting a raft of roles in its UK wealth division on the chopping block following a push to slash costs with artificial intelligence. Europe’s biggest lender is consulting on changes to its wealth management operations that would lead to a shake-up for hundreds of relationship managers and financial advisers across the UK. The [...]
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.
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