HSBC Slashes 70% of UK Wealth Advisers to Expand AI Use

HSBC plans to eliminate half of management and specialist positions and nearly 70% of financial adviser roles in its UK wealth management business as part of a restructuring to expand AI use. The bank has entered a consultation period for the redundancies, which are described as deep, wide and brutal. The Financial Times reported that HSBC is shifting toward an AI-driven tool and ecosystem to handle wealth management tasks, reducing the need for human staff in its UK division.