HSBC to cut UK wealth management jobs to accelerate AI integration

HSBC is planning significant job cuts within its UK wealth management division as part of a strategic shift toward artificial intelligence and digital automation. According to reports from the Financial Times, the bank expects to reduce approximately half of its management and professional roles, while cuts to financial advisors could reach nearly 70%.

The restructuring aims to leverage AI and advanced analytics to serve high-net-worth clients more efficiently, moving toward standardized, algorithmic solutions. This move marks a reversal from two years ago when the bank was aggressively hiring to expand its UK wealth management and private banking operations.

CEO Georges Elhedery has made AI a central pillar of his strategy since taking office in 2024, previously warning that generative AI would eliminate certain positions. The bank is currently in consultations with staff, with affected employees expected to depart by the end of October. This initiative follows broader efforts by the group, including the creation of a Chief AI Officer role and plans for a Global AI Centre of Excellence in Singapore.