HSBC is planning major job cuts in its UK wealth management business, with the reductions expected to affect about half of management and professional roles in the unit. The heaviest impact is set to fall on client-facing financial advisers, where the layoff rate is reported to be close to 70%. Staff affected by the move are expected to leave by the end of October.
According to the report, the restructuring is tied to HSBC’s deeper AI partnership with Google Cloud. The bank aims to use generative AI and related tools to deliver digital products such as real-time market insights and personalized investment strategies, while lowering operating costs and extending its reach to more affluent clients. HSBC Group CEO Georges Elhedery has identified AI as a core part of the bank’s effort to simplify its structure and improve efficiency.
An HSBC spokesperson said HSBC UK is continuing to refine its business and roll out more digital products and service processes to meet changing customer needs. The report also said HSBC has hundreds of relationship managers across the UK.
HSBC plans to make substantial cuts in its UK wealth management business, with the reductions expected to affect about half of the unit’s management and professional roles. Client-facing Financial Advisers are set to take the biggest hit, with the layoff rate reported to be close to 70%.
Employees affected by the move are expected to leave by the end of October. The report said the cuts form part of HSBC’s deeper AI strategy partnership with Google Cloud.
The bank is looking to use generative AI and intelligent tools to offer digital products including real-time market insights and personalized investment strategies. The goal is to lower operating costs and reach a broader affluent client base.
HSBC Group CEO Georges Elhedery has made AI a central part of the bank’s push to simplify its structure and improve efficiency. An HSBC spokesperson said HSBC UK is continuing to refine its business, introducing more digital products and service processes to meet changing customer needs.
The report added that HSBC has hundreds of relationship managers across the UK.
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