HSBC to cut most of its UK wealth advisers, according to the FT

On 7 October 2026, the Financial Times reported that HSBC is preparing deep job cuts in its UK wealth management business. Citing people with knowledge of the plans, the paper said around 70% of financial adviser roles and roughly half of management and specialist roles are expected to go, with departures due by the end of October. The report was relayed the same day by Bloomberg, the Press Association and FinTech Futures.

The percentages come from that single FT report. HSBC has not published them and has not said how many people work in the business.

What HSBC has said

A bank spokesperson told FinTech Futures that HSBC is “continuing to evolve to deliver more digitally-enabled products and journeys” for its wealth customers. The statement did not mention artificial intelligence, the number of roles affected or the consultation. According to the Press Association, staff are currently in a consultation period. PA also reported that HSBC is thought to employ hundreds of relationship managers across the country, and that its shares fell 1.9% in London on the morning the story ran.

The business concerned

FinTech Futures describes the UK wealth arm as offering financial planning, tax optimisation, inheritance planning and investment management to affluent and high-net-worth clients. HSBC UK has been aiming to lift assets under management in the business to £100bn by 2028, from £62bn at the end of 2025, according to the same report. None of the coverage refers to HSBC’s private bank.

The cuts follow group chief executive Georges Elhedery’s push to simplify the bank. In a July blog post, cited by PA, he said relationship managers were being equipped with AI tools, including one that generates market insights and personalised investment strategies. PA puts the cost savings achieved under his leadership at around $1.5bn, delivered ahead of schedule. There have also been leadership changes: FinTech Futures reports that José Carvalho stepped down as head of wealth and personal banking at HSBC UK at the end of September, while Xian Chan remains head of wealth.

What it means for families and their advisers

Inheritance and tax planning are long-running files, and they depend on the person who holds them. A family whose estate plan, pension arrangements or investment mandate sits with an HSBC UK adviser should find out now who will be responsible after October, and request copies of the planning papers and fact-finds it has supplied. The episode is a reminder that, inside a large bank, continuity of advice follows the bank’s strategy rather than the client’s timetable. For independent planners, wealth managers and family office advisers in the UK, it is likely to mean enquiries from displaced clients and a larger pool of experienced advisers on the market.

Sources: Bloomberg, 7 October 2026 (relaying the Financial Times); Press Association via MarketScreener, 7 October 2026; FinTech Futures, 7 October 2026 (including HSBC’s statement).