HSBC to axe UK wealth managers in AI push

What happened: HSBC is cutting jobs in its UK wealth management division after replacing staff with AI for its richest clients. A consultation is under way affecting managers and specialist advisers, with departures expected by the end of October. Key numbers: Around 70pc of the division's financial advisers will be eliminated, and Why it matters: The move follows Georges Elhedery becoming chief executive in September 2024 with a cost-cutting mandate and putting AI at the heart of productivity efforts. Jose Carvalho, who led the UK retail banking and wealth arm, left three weeks ago.

HSBC is cutting jobs in its UK wealth management division after replacing staff with AI for its richest clients. A consultation is under way affecting managers and specialist advisers, with departures expected by the end of October.

The move follows Georges Elhedery becoming chief executive in September 2024 with a cost-cutting mandate and putting AI at the heart of productivity efforts. Jose Carvalho, who led the UK retail banking and wealth arm, left three weeks ago.