HSBC plans to cut as much as 70% of its UK financial advisers in an AI push, the FT reports

HSBC plans to cut jobs across its UK wealth business as part of a push into AI, the Financial Times first reported on 7 October. City AM, citing the FT, says the bank could cut as much as 70 per cent of its financial advisers and halve the number of management and specialist roles in the division.

HSBC did not give numbers. In a statement quoted by City AM it said: “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.”

The Telegraph, in the same day's coverage, notes that the bank has not said how many jobs are at risk, and that HSBC set out in 2024 to double the UK wealth arm's assets to £100bn by 2030. It also recalls that Bloomberg reported in March that as many as 20,000 jobs at HSBC could be at risk globally. Those are press figures, not the bank's.

The story follows Norway's DNB, which said on 6 October that it would cut about 400 technology roles as AI agents take on the work. HSBC's plan, as reported, reaches into advice itself: the people who sit with customers to manage their money.

• Reported HSBC could cut as much as 70 per cent of its UK financial advisers and halve management and specialist roles, per the FT. City AM (citing the Financial Times)
• Claimed HSBC says it is continuing to evolve to deliver more digitally-enabled products and journeys. HSBC statement (via City AM)
• Reported The bank has not said how many jobs are at risk; its 2024 plan aimed to double UK wealth assets to £100bn by 2030. The Telegraph (via Yahoo Finance)