HSBC to cut up to half of managers and up to 70% of advisers in UK private banking because of SI
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
SI is taking over the work of whole teams of advisers: routine moves to machines, and the people freed up can take on what SI still can't handle.
According to Interfax, HSBC is cutting staff in its UK private wealth management division: about 50% of manager and asset management specialist positions and up to 70% of financial advisers will go, with entire teams laid off; employees must leave the bank by the end of October 2026. CEO Georges Elhedery calls SI central to the strategy of simplifying the bank's structure. Media earlier reported that worldwide the bank could cut up to 20,000 people (about 10% of staff) because of automation.
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