HSBC is reportedly planning to cut jobs within its UK wealth division as part of an effort to reduce costs through the use of artificial intelligence. The bank is currently consulting on operational changes that could impact hundreds of relationship managers and financial advisers across the UK.
These proposed changes could see HSBC reduce its management and specialist roles by half, and potentially cut as much as 70% of its financial advisers. HSBC's UK business manages £134 billion in wealth balances.
Georges Elhedery, HSBC's chief, has previously encouraged staff to embrace the bank's AI ambitions, stating in May that generative AI "will destroy certain jobs and will create new jobs." Earlier this year, HSBC announced a collaboration with Google Cloud, aiming to use AI to identify projects that could generate $100 million in "efficiency gains."