Market Chatter: HSBC Plans Major UK Wealth Management Job Cuts Amid AI Push

MT Newswires Live10-07 14:19

HSBC Holdings (HKG:0005) plans to cut about half of management and specialist roles in its UK wealth management business and nearly 70% of financial adviser positions as it expands the use of AI, the Financial Times reported Wednesday, citing people familiar with the plans.

The proposed cuts are part of a broader restructuring of the UK wealth business, with affected employees expected to leave at the end of October, the report said. Staff are currently in a consultation period.

HSBC Chief Executive Georges Elhedery has made AI a key part of the bank's strategy to simplify operations and reduce management layers, Financial Times noted.

An HSBC UK spokesperson told MT Newswires that the bank is continuing to develop more "digitally-enabled products" and services to support its wealth-management offering and changing customer needs.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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