HSBC plans to cut approximately 50 % of management roles and 70 % of financial adviser positions in its UK wealth unit as it shifts affluent clients toward AI-enabled services. Departures are expected by the end of October 2026 following an ongoing consultation with affected employees. HSBC shares fell 1.9 % to 2.2 % in London trading after the news. The bank has already achieved annual savings of 1.5 billion dollars through operational simplification. AI-driven efficiencies could affect 20,000 jobs globally, roughly 10 % of HSBC’s workforce.
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