‘Deep’ cuts as HSBC replaces financial advisers with AI

Climate Crisis / 6 October 2026 Protesters depict ‘heaven’ and ‘hell’ futures as they call on PM to reject new oil and gas fields 6 October 2026 Climate / 6 October 2026 Environmental questions raised by new road building proposals for Wales 6 October 2026 Economy / 6 October 2026 Target income support to help vulnerable with cost-of-living crisis, IMF says 6 October 2026 Race / 6 October 2026 Police up to 22 times more likely to use ‘completely useless’ stop-searches on black people 6 October 2026 Far Right / 6 October 2026 Man charged after Gosport protest against arrival of small boat migrants 6 October 2026 Healthcare / 6 October 2026 Private dental patients facing ‘broken’ complaints system, Which? warns 6 October 2026 HSBC is reportedly replacing around half of its British wealth management business workforce with AI.

A source described the cuts as “deep, wide and brutal” with up to 70 per cent of its financial advisers set to be made redundant by the end of the month, according to the Financial Times.

The bank is in the middle of a consultation period over the proposed changes.

In July, group chief executive Georges Elhedery said that the bank had been equipping relationship managers with AI to serve customers faster.

It is understood that the bank intends to grow its offering to wealth customers by offering digital products and services, while human advice is utilised for customers with more complex financial needs.

A spokeswoman for HSBC UK said: “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.”

Banking / 28 July 2026 ‘Tax big banks to end food banks’ 28 July 2026 Burnham urged to raise taxes on banks after Barclays reveals 30% rise in pre-tax profits