HSBC, the banking giant, is preparing for significant layoffs within its wealth management division due to the automation of processes through artificial intelligence, according to a report by Financial Times citing its sources.
Approximately 70% of financial consultants, along with nearly half of the managers and specialized staff, will be affected. Initial layoffs are expected to occur by the end of October. While HSBC has confirmed its shift towards digital services, it has not disclosed the exact number of positions being cut.
The unit provides investment, tax, and financial planning services for affluent clients. HSBC aims to increase the assets under management to £100 billion by 2028, up from £62 billion at the end of 2025.
This restructuring and technology integration strategy was initiated following the appointment of CEO Georges Elhedery in September 2024. Since then, HSBC has signed a long-term agreement with Google Cloud and established a director position for AI. According to Elhedery, client managers are already utilizing AI tools to expedite routine tasks.
Leadership changes have also occurred, with José Carvalho, head of the personal banking division, leaving the British office at the end of September. The wealth management division continues to be led by Sian Chan.
It is worth noting that in June 2026, HSBC entered a multi-year partnership with Google Cloud to integrate AI into its global operations.
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