HSBC plans to cut up to 70% of adviser roles as AI reshapes wealth management

AI is increasingly reshaping workforce strategies in global banking, with HSBC reportedly planning significant job cuts across its UK wealth management business.

According to a report by the Financial Times, cited by Reuters, HSBC is considering sweeping reductions across management, specialist and adviser roles as part of a broader effort to integrate artificial intelligence into its operations.

The proposed restructuring highlights a growing trend across the financial services sector, where banks are investing heavily in AI-driven efficiencies while reassessing traditional workforce models.

Wealth management workforce faces major restructuring

The Financial Times reported that HSBC plans to reduce approximately half of management and specialist positions within its UK wealth management business.

The report further stated that cuts affecting financial advisers could reach as high as 70%, making it one of the most significant workforce restructuring efforts within the division.

While HSBC does not publicly disclose employee numbers for its UK wealth management unit, the Financial Times noted that the business is believed to employ hundreds of relationship managers across the country.

Key reported workforce changes include:

• Up to 70% reduction in financial adviser roles
• Around 50% reduction in management and specialist positions
• Workforce changes linked to broader AI integration efforts
• Employees reportedly expected to exit by the end of the month following consultation processes

Digital transformation moves to the centre of strategy

In a statement quoted by Reuters, HSBC UK said it continues to evolve its services through more digitally enabled products and customer journeys to meet changing client expectations.

The reported workforce reductions come as Georges Elhedery, HSBC's chief executive officer, pushes a strategy centred on technology simplification, automation and artificial intelligence.

Since assuming the top role in 2024, Elhedery has positioned AI as a core component of HSBC's future operating model, deploying the technology across multiple functions and business units.

Executive warnings on AI and employment

The latest developments follow comments made by Elhedery during HSBC's investor day event in May.

According to Reuters, the chief executive told employees to embrace AI-driven transformation and acknowledged that generative AI would eliminate certain jobs while creating new opportunities elsewhere.

His remarks reflected a wider debate unfolding across industries as organisations evaluate how automation and AI can improve productivity while altering workforce requirements.

Banking sector enters a new phase of AI adoption

HSBC's reported plans come amid accelerating AI investments across global banking and financial services institutions.

Banks are increasingly using AI to support customer service, wealth management, risk assessment, compliance and operational processes. As adoption expands, organisations are reviewing role structures, workforce composition and future skills requirements.

For employers and HR leaders, the developments offer another indication of how AI is moving beyond experimentation and becoming a key driver of organisational redesign.