The cuts come as HSBC expands its use of artificial intelligence to automate advisory and specialist functions. The Financial Times first reported that the bank is shifting toward an AI-driven tool and ecosystem to handle wealth management tasks, which will reduce the need for human staff in its UK division.
Tuesday, October 20, 2026
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HSBC Slashes 70% of UK Wealth Advisers to Expand AI Use
Business14 days ago
The bank is planning to eliminate half of all management and specialist positions within its UK wealth management business in a restructuring of its operations. Proposed layoffs also target nearly 70% of financial adviser roles, with some affected personnel facing the loss of almost entire teams. HSBC has entered a consultation period for these redundancies, which are described as "deep, wide and brutal."
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