HSBC is consulting staff on deep job cuts in its UK wealth business as part of an AI push, a newspaper reports

Reported by a news publication: reported by a national financial newspaper, citing people familiar with the plans. This cut has not happened yet and is not counted in the verified job-loss totals. HSBC is planning sweeping job cuts across its UK wealth management business as part of a push into AI, a major financial newspaper reported on 7 October 2026, citing people familiar with the plans. According to that report, the bank is consulting staff on reductions in roles affecting managers, specialists and financial advisers. HSBC has not announced a number, and its own public statement speaks only of evolving the UK wealth business with more digitally enabled products and services; it does not mention AI. The cuts are still at the consultation stage, so no one has left yet. If HSBC confirms the cuts and ties them to AI itself, the confirmed post will be linked here.