HSBC to Cut UK Wealth Management Jobs, Embracing AI
Hundreds of positions are reportedly at risk as the bank prioritizes artificial intelligence for its wealthiest clients.
HSBC is enacting significant job cuts within its UK wealth management division, a move driven by the bank's strategic shift towards artificial intelligence for servicing its high-net-worth clientele. While specific numbers have not been released, the reductions are expected to impact approximately 70% of the division's financial advisers, with around half of its managers and specialists also slated for elimination by the end of October. Hundreds of individuals are currently employed as wealth relationship managers across the United Kingdom.
The bank has initiated a consultation process concerning the affected managers and specialist advisers. One individual familiar with the situation described the job cuts to the Financial Times as "deep, wide and brutal," indicating that entire teams may face redundancy. This development comes merely two years after HSBC launched a hiring initiative aimed at expanding its relationship manager team, then numbering 400, with the ambitious goal of doubling assets under management to £100 billion by 2030.
HSBC's retail banking and wealth arm saw a £9 billion increase in assets last year, reaching over £62 billion. These impending layoffs are likely to intensify concerns about companies reducing their workforce to cut costs while simultaneously aiming to maximize profitability.
Chief Executive Georges Elhedery, who assumed leadership in September 2024, has made artificial intelligence a cornerstone of his strategy to streamline HSBC. In May 2026, Elhedery informed investors in Hong Kong that "generative AI will destroy certain jobs and will create new jobs." He has also committed to reducing the bank's overall headcount by eliminating management layers and redundant senior positions.
The job cuts follow the departure of José Carvalho, HSBC's head of wealth and personal banking in the UK, after a three-year tenure. In March, an analysis by Bloomberg suggested that as many as 20,000 jobs globally at HSBC could be at risk due to the bank's increasing adoption of AI, which represents about 10% of its total workforce.
A spokesperson for HSBC stated, "HSBC UK is a long-established, leading UK wealth manager and premium banking provider. We’re continuing to evolve to deliver more digitally-enabled products and journeys, to support our best-in-class wealth service and meet the changing needs of our customers."
In a related development, Standard Chartered is also reducing its workforce, planning to cut nearly 8,000 jobs by 2030 as it integrates AI to replace what its chief executive termed "lower-value human capital," representing over 15% of its back-office roles.