HSBC is considering a plan to cut approximately 70% of financial advisers in its UK wealth management division and improve the efficiency of services for affluent clients through the adoption of AI. Reports also say that affected employees are expected to leave by the end of October.
HSBC Holdings was reported to be planning large-scale staff cuts in its UK wealth management division. The cuts could affect approximately 70% of financial advisers and about half of managers and specialists, with the aim reportedly being to secure resources to accelerate the adoption of AI.
According to reporting by the Financial Times, the cuts have already entered a consultation process with employees, and those affected are expected to leave by the end of October. People familiar with the matter described the scale and scope as large, saying that almost every team would be affected.
HSBC has not disclosed the specific number of employees in its UK wealth management division, but the division is said to have several hundred client relationship managers across various locations. The cuts are expected to affect the division as a whole, with reports saying that nearly 70% of staff and approximately half of managers and specialists could be affected.
The company has emphasized its commitment to meeting client needs by expanding digital products and services. Market views are spreading that AI-based decision support could reduce the burden on face-to-face services while enhancing them.