HSBC may cut half of UK wealth staff using AI
HSBC could lay off around half of its management and specialist staff in its UK wealth management unit, with financial adviser roles could fall by nearly 70%.
The bank says the shake-up is all about boosting efficiency by using more artificial intelligence, or AI, and impacted employees could leave as soon as this month.
Georges Elhedery monitors AI spending
This move is part of CEO Georges Elhedery's push to cut costs and modernize how the bank works.
Since stepping in in September 2024, he's made AI a big focus, personally monitoring the bank's AI-related spending, including costs associated with software licensing and AI tokens.
HSBC isn't alone. Other banks like Standard Chartered are also turning to automation, with big job changes expected across the industry in the coming years.