(7 October 2026 – United Kingdom) HSBC is planning to eliminate up to 70 percent of its UK financial adviser roles as part of a sweeping restructure of its wealth management business, driven by the rising adoption of AI.
As reported in the FT, the cuts — described by one source as “deep, wide and brutal” — will also remove around half of management and specialist roles. A consultation period is already underway, with affected staff expected to depart by the end of October.
The bank told the FT it 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.”
The restructure follows HSBC’s multi-year deal with Google Cloud signed in June, in which the bank specifically highlighted wealth management as a priority area for AI-driven transformation, combining smarter insights with relationship manager expertise to change how it serves clients.