Banking giant HSBC is initiating significant staff reductions within its wealth management division as part of a shift toward automation. According to reports, the bank intends to cut approximately 70% of financial advisors, alongside roughly half of its managers and specialized staff, with initial layoffs scheduled to conclude by the end of October.
The wealth management unit focuses on investment, tax, and financial planning services for high-net-worth clients. HSBC aims to grow its assets under management to £100 billion by 2028, up from £62 billion recorded at the end of 2025. The bank has officially confirmed its strategic focus on digital services to support these growth targets.
This restructuring follows the appointment of CEO Georges Elhedery in September 2024. Under his leadership, the bank has established a dedicated AI director role and signed a long-term partnership with Google Cloud to integrate artificial intelligence into global operations. Client managers are already utilizing AI tools to streamline routine tasks.
Leadership changes have accompanied these technical shifts, including the departure of Jose Carvalho, the former head of personal banking in the UK, in late September. The wealth management division remains under the leadership of Sian Chuan. The bank continues to prioritize technological integration as a core component of its operational strategy.
