HSBC reportedly plans big job reductions in its UK wealth management division, slashing the ranks of financial advisers and other specialists as it uses AI to serve its wealthy clients. Half the business’s management and specialist roles are expected to go, along with 70% of financial advisers, the Financial Times reported, citing anonymous sources. One source described the cuts as “deep, wide and brutal”, adding that almost entire teams would be made redundant, with a consultation underway.
HSBC is thought to have hundreds of relationship managers across the UK. Affected staff are expected to leave the bank at the end of the month. 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.
Extract — continue reading at the source.
