HSBC plans deep job cuts in UK wealth management business

LONDON – HSBC Holdings is planning job cuts across its British wealth management business, according to people with knowledge of the matter, as part of a broader push to use artificial intelligence to serve affluent clients more efficiently.

The bank plans to eliminate around half of management and specialist positions across its British wealth division, while reducing its ranks of financial advisers by nearly 70%, said the people, who asked not to be identified discussing private information.

HSBC is currently in a consultation process over the proposed restructuring, one of the people said.

Employees affected by the cuts are expected to leave by the end of October. The Financial Times earlier reported on HSBC’s plans.

“HSBC UK is a long-established, leading UK wealth manager and premium banking provider,” HSBC said in a statement.”

“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,” it added.

The proposed cuts follow a broader cost-cutting and simplification drive spearheaded by HSBC chief executive Georges Elhedery since he took the helm in September 2024.

Elhedery has been a vocal advocate of using AI to boost productivity, saying in a Bloomberg TV interview in August that he would be “extremely happy“ if HSBC employees could become more productive through the use of AI tools.

He also said that he personally monitors AI-related spending, including token costs and software licensing fees.

The growing use of AI has become a source of anxiety for bank employees across the industry.

In May, Standard Chartered CEO Bill Winters warned that the technology would eliminate thousands of jobs as the lender unveiled plans to cut more than 15% of its support workforce by 2030 through greater automation and AI-driven efficiencies. BLOOMBERG