HSBC plans up to 70% cut of UK wealth advisers as AI rollout accelerates

The bank aims to replace many human advisers with AI tools while shedding roughly $1.5 bn in costs ahead of schedule.

By Felo News Desk · Published Wed, 07 Oct 2026 13:06:07 GMT

HSBC is preparing to slash staff in its UK wealth management division, with up to 70% of financial advisers and about half of management and specialist roles set to leave the bank by the end of October, according to the Financial Times.

What happened

The bank is mid‑consultation on a restructuring that will see large teams made redundant. An anonymous source told the FT the cuts are "deep, wide and brutal" and that almost entire teams could be eliminated. HSBC expects the affected employees to depart by the end of October.

What the reports add

Both the Independent and the Evening Standard reproduce the FT story, confirming that roughly half of management and specialist roles and up to 70% of advisers are targeted.
The outlets note HSBC’s push to embed artificial‑intelligence tools – a strategy championed by group chief executive Georges Elhedery in a July blog post that described AI‑driven market insights and personalised investment strategies for relationship managers.
Cost‑cutting under Elhedery has already removed about $1.5 bn (£1.13 bn) of expenses ahead of schedule, including the removal of duplicate senior‑management positions.
HSBC is believed to employ hundreds of relationship managers across the UK.

What was said

"Deep, wide and brutal" – an unnamed source described the planned cuts, FT reported.

"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," a HSBC UK spokeswoman said, as quoted by both the Independent and the Evening Standard.

How it came about

HSBC has been pursuing a technology‑led cost‑reduction programme that has already stripped out about $1.5 bn (£1.13 bn) of costs ahead of schedule. The current restructuring follows earlier industry‑wide job cuts, such as Disney’s TV unit reductions in early October and BBC Sports cuts in September, illustrating a broader trend of financial and media firms trimming staff while increasing automation.

Key facts

HSBC will cut up to 70% of its UK wealth management financial advisers. (independent.co.uk)
Around half of management and specialist roles in the division are also slated for redundancy. (independent.co.uk)
The staff reductions are part of a push to use AI tools for serving wealthy customers more efficiently. (independent.co.uk)
Affected employees are expected to leave the bank by the end of October. (independent.co.uk)
Cost‑cutting under CEO Georges Elhedery has already removed about $1.5 bn (£1.13 bn) ahead of schedule. (independent.co.uk)