HSBC plans to cut up to 70% of UK wealth roles in AI push
The bank targets deep reductions among advisers and managers as part of a restructuring.
HSBC plans substantial job cuts across its UK wealth management division as part of a rollout of artificial intelligence, according to a report by the Financial Times corroborated by Reuters on Wednesday.
The restructuring includes a planned 70% reduction in financial adviser roles across the UK wealth business. In addition, HSBC aims to eliminate 50% of management and specialist positions within the unit.
The unit held 62 billion GBP in assets under management at the end of 2025. HSBC maintains a goal to reach 100 billion GBP in assets under management in the business by 2030.
The changes follow the departure in September 2026 of José Carvalho, who led the UK wealth business for three years. Across the wider group, HSBC is pursuing a total cost-savings target of 2 billion USD under its broader restructuring programme.
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