HSBC job cuts: UK wealth unit to lose about half its manager roles and up to 70% of advisers in an AI push, FT reports

HSBC is consulting on job cuts in its UK wealth management business that would remove about half of management and specialist roles and up to around 70% of financial advisers, as part of a push to use AI to serve wealthy customers, the Financial Times reported on 7 October 2026. The AI link comes from that reporting, not from the bank: HSBC confirmed only that it is "currently in a consultation period", and an HSBC UK spokeswoman said the bank is "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." According to the FT, which cited a source familiar with the plans, the cuts are "deep, wide and brutal", almost entire teams would be made redundant, and affected staff are expected to leave at the end of October. HSBC does not disclose headcount in the unit but is thought to have hundreds of relationship managers across the UK. PA reports the bank intends to grow digital products for wealth customers while keeping human advice for clients with more complex needs. Chief executive Georges Elhedery wrote in a July blog post that the bank had been equipping relationship managers with AI tools, including one that produces market insights and personalised investment strategies, and told an investor day in May that "generative AI will destroy certain jobs." Because HSBC has given no count and has not itself tied these cuts to AI, they are not counted in the AI layoffs tracker on this site (/ai-layoffs-tracker); if the bank confirms them in its own words, that changes.