HSBC Plans UK Wealth Job Cuts for AI
HSBC plans sweeping job cuts across its UK wealth management division as part of a broader strategy to integrate artificial intelligence. The bank aims to reduce management and adviser roles significantly while transitioning toward digital products.
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HSBC HOLDINGS PLC-SPONS ADR is planning to cut about 50% of management roles and up to 70% of financial advisers in the United Kingdom wealth business. The reductions form part of an artificial intelligence integration push across operations, according to a Financial Times report on Wednesday morning. Affected employees are expected to leave by the end of the month as a consultation period proceeds.
