HSBC Consults on Proposed UK Wealth Job Cuts

HSBC is consulting employees on proposed cuts to its UK wealth business that could eliminate about half of management and specialist positions and reduce financial adviser roles by as much as 70%, according to reports citing people familiar with the plans. The bank has not confirmed those figures, and the final scale of any reductions remains unresolved. The proposals are part of a shift toward more digitally enabled products and customer services. HSBC said it is continuing to evolve its UK wealth operations to meet changing customer needs, but its statement did not confirm the reported job cuts. The bank has not disclosed how many employees work in the UK wealth unit, so the percentages do not establish how many people could be affected. Employees affected by the proposed changes are expected to leave by the end of October 2026, according to the reporting. That timetable, like the estimated cuts, remains unconfirmed by HSBC. The employee consultation is under way, and its outcome could change the plan. HSBC chief executive Georges Elhedery has described artificial intelligence as a source of both job losses and new roles.