HSBC is planning significant job cuts across its UK wealth management division after replacing staff with AI for its richest clients. The London-headquartered bank, which is Europe's biggest lender, has started a consultation process affecting managers and specialist advisers, with around 70pc of the division's financial advisers set to be eliminated and roughly half of its managers and specialists expected to disappear from its ranks, according to the Financial Times, which first reported the move. Affected employees are expected to depart by the end of October, though the bank has not said how many jobs are at risk or published any headcounts for the division, which is thought to employ hundreds of relationship managers across the country. The restructuring follows the departure three weeks ago of Jose Carvalho, who led the UK retail banking and wealth arm for four years, and comes after George Eldhedery stepped in as chief executive in September 2024 with a mandate to cut costs and put AI at the heart of his efforts to boost productivity. Bloomberg reported in March that as many as 20,000 jobs at HSBC could be at risk globally as part of its push to use AI, representing around 10pc of its workforce of about 211,479 staff, after rival Standard Chartered set out plans to cut around 7,800 roles by 2030 as part of a drive to use more AI.
HSBC Holdings PLCHSBC is cutting UK wealth management jobs (about 70% of advisers, half of managers) as part of an AI-driven cost-reduction restructuring.
Standard Chartered PLC