HSBC plans job cuts in UK wealth business as part of AI push

HSBC plans to cut about half of the management roles in its UK wealth business. It also plans to cut 70% of its financial adviser roles there, part of a push to put artificial intelligence at the center of how it serves affluent clients. What HSBC is cutting, and when The restructuring targets approximately 50% of management and specialist roles in the UK wealth unit. It also reaches around 70% of financial adviser positions, the client-facing staff who traditionally guide customers through investment and planning decisions. A consultation process with affected employees is already underway. Departures are expected by the end of October 2026. The plans were first highlighted by the Financial Times. The stated goal is a more efficient service for wealthier customers, with HSBC shifting toward digitally enabled products and client journeys. Investors did not exactly throw a party. HSBC shares fell approximately 1.9% to 2.2% in London trading after the news surfaced. A reversal from the growth plan HSBC had previously run a hiring initiative tied to an ambitious target: growing its UK wealth assets to £100 billion by 2030. The new plan swaps headcount growth for an AI-driven model. Th...