HSBC set to axe UK wealth jobs as AI takes hold

HSBC is putting a raft of roles in its UK wealth division on the chopping block following a push to slash costs with artificial intelligence. Europe’s biggest lender is consulting on changes to its wealth management operations that would lead to a shake-up for hundreds of relationship managers and financial advisers across the UK. The move, first reported by the FT, could see the bank halve the amount of management and specialist roles it has and cut as much as 70 per cent of its financial advisers as part of the cuts. HSBC does not disclose the total number of staff in its wealth operations. Its UK business has £134bn of wealth balances, which are roughly split equally across its private banking and premier banking businesses. Across the UK, it is estimated to employ up to 35,000 people. Georges Elhedery, the bank’s chief, had previously urged the bank’s staff to avoid “fighting” its AI ambitions. Staff must not be “disenfranchised, not anxious, overwhelmed, and resis