HSBC plans job cuts across UK wealth business in AI push
HSBC is planning job cuts across its UK wealth management business, including a sharp reduction in financial advisers and specialist staff, as part of a broader push to integrate artificial intelligence, the Financial Times reported. The bank plans to cut about half of management and specialist roles, while reductions among financial advisers could reach around 70 per cent, citing people familiar with the plans.
NoteCEO Georges Elhedery told HSBC's investor day in May that generative AI will destroy certain jobs. Financial adviser roles are now set to fall by around 70 per cent, which turns that warning into a concrete plan within months.
Read the original
The Morning Note, by email
The AI-in-finance stories that matter, before work
One short email each morning, readable in under three minutes. Free, and you can leave anytime.