HSBC plans to cut half of UK wealth management roles and 70% of financial advisers in AI push

On Wednesday, October 7, 2026, the Financial Times reported that HSBC is planning sweeping job cuts across its UK wealth management business, including a reduction of about half of management and specialist roles and up to 70% of financial advisers. The cuts are part of a broader push to integrate AI, led by CEO Georges Elhedery, who has said that generative AI will destroy certain jobs. The bank is in a consultation period, and affected employees are expected to leave by the end of the month. HSBC has not disclosed the exact number of employees in the UK wealth business, but it is thought to have hundreds of relationship managers.