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SearchThe proposal also includes cutting management and specialist roles in the division by approximately half. The final scope has not yet been settled, and the bank describes the change as an evolution towards more digital services.
HSBC is consulting on a restructuring of its UK wealth management division that could cut up to 70% of its financial adviser positions and around half of its management and specialist roles. The bank has not yet determined how many people would be affected: the process is still open, and the percentages describe proposed cuts, not a reduction that has already been carried out.
The information, published on 7 October 2026 and initially attributed to the Financial Times, says the changes would affect relationship managers and advisers in the United Kingdom. HSBC does not disclose the size of the specific division’s workforce, so it is not possible to calculate the total number of jobs at risk based on the information available.
The bank says it is adapting its business to offer more digital products and customer journeys. In comments reported by City A.M., an HSBC spokesperson said the bank aims to meet its customers’ changing needs and maintain its wealth management service. The response does not detail how many positions could be eliminated or confirm a definitive timetable for departures.
Coverage links the reorganisation to the push for artificial intelligence (AI) and the search for efficiencies. HSBC has said it intends to apply digital tools to areas such as wealth management and customer service, but the information available does not make it possible to attribute each potentially eliminated position to a specific automated task. Nor does it establish that human advice will disappear entirely.
Chief Executive Georges Elhedery has presented AI as part of the group’s transformation. At an investor event in May, according to City A.M., he said generative AI would destroy some jobs and create others. That statement expresses his assessment of technological change; it does not, by itself, determine the outcome of the current consultation.
One report said the first departures could take place at the end of October, but that forecast is not equivalent to a confirmed date for the conclusion of the process or a decision that has already been implemented. Based on the information published, the outcome of the consultation and the terms that would be offered to affected employees are not known. The proposal should therefore be understood as a restructuring under consideration, with its final impact on jobs still pending.
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