HSBC is preparing to make major job cuts across its UK wealth management division amid a push for more AI automation, according to the Financial Times.

Citing people familiar with the plans, the newspaper reported that HSBC will cut financial advisers in the unit by up to 70 per cent and halve its specialist roles.

A source told the FT that HSBC is in a “consultation period” over the plans, which could affect entire teams across the unit thought to number in the hundreds.

In a statement to the FT, HSBC said: “HSBC UK is a long-established, leading UK wealth manager and premium banking provider.

“We’re continuing to evolve to deliver more digitally enabled products and journeys to support our best-in-class wealth service and meet the changing needs of our customers.” 

The move follows sweeping layoffs at HSBC last year, with the FT reporting the bank spent $67.5 million in redundancy packages firing 134 senior employees in 2025.

Under Georges Elhedery, who has served as chief executive since July 2024, HSBC has undergone a major overhaul. Last year’s layoffs were part of an initial $1.2 billion in savings he targeted once in the position.

Elhedery has pledged further changes to make HSBC a “simple, more agile, focused bank built for a fast-changing world,” and has been outspoken on the need for employees to embrace AI.

In July, HSBC announced the sale of HSBC Life Singapore to Allianz for €2 billion and the following month revealed plans to sell its Australian home loan portfolio to Blackstone for $25 billion.

Just two years ago, HSBC embarked on a five-year plan to double its assets under management in its UK wealth business to £100 billion. As part of the push, the bank began a major hiring effort for wealth managers, reportedly onboarding hundreds within the division.

Later in 2024, the bank outlined plans to open a new wealth centre in Mayfair for face-to-face meetings with high wealth clients. The centre, which occupies two floors of the Smithson Tower on St James's Street, opened in July 2025.

The person who oversaw the project was José Carvalho, HSBC’s head of wealth and personal banking in the UK, who announced his exit from the bank last month.

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