HSBC Plans Deep UK Wealth Job Cuts in AI Push

HSBC Holdings is preparing major job cuts across its UK wealth management business as the banking giant increasingly turns to artificial intelligence and digital services to serve affluent customers more efficiently, according to a Financial Times report.

The proposed restructuring could eliminate roughly half of management and specialist positions in the division. The number of financial advisers could also be reduced by about 70%, representing a significant downsizing of HSBC’s UK wealth workforce, the report said, citing people familiar with the plans.

One person familiar with the restructuring described the planned reductions as “deep, wide and brutal,” highlighting the scale of the changes under consideration.

HSBC is currently consulting employees about the proposed job cuts. Workers affected by the restructuring are expected to leave the bank by the end of October, according to the report.

The London-listed lender said it continues to develop its UK wealth management operations by introducing more digitally enabled products and services designed to address changing customer preferences. The shift reflects a broader effort by banks to automate services and deploy AI tools across customer-facing and administrative functions.

The restructuring comes as HSBC CEO Georges Elhedery places artificial intelligence at the center of his strategy to simplify operations and improve efficiency across one of the world’s largest banking groups.

AI could allow HSBC to handle more wealth management activities digitally while reducing reliance on traditional adviser-heavy service models. The planned cuts would therefore represent one of the clearest examples of how increased AI adoption is reshaping employment within the financial services industry.

The potential reductions also mark a sharp reversal from HSBC’s strategy two years ago, when the bank launched a hiring campaign aimed at expanding its UK wealth management and private banking businesses.

HSBC shares and the wider banking sector are likely to remain in focus as investors assess whether greater use of AI can lower operating costs while maintaining service quality for wealthy clients.