HSBC Plans Sweeping Job Cuts in UK Wealth Business in AI Push

The British bank is preparing layoffs across its UK wealth management division as it accelerates the adoption of artificial intelligence.

HSBC is planning sweeping job cuts across its wealth management business in the United Kingdom as part of a push to implement artificial intelligence technologies, the Financial Times and news agency Reuters reported.

According to the reports, the move is aimed at streamlining the bank's operations and services by integrating automation and AI tools across its domestic operations. The cuts are expected to affect a range of roles within the British division.

At this stage, the bank has not issued an official comment, and further details regarding the number of affected employees or the precise timeline for the layoffs have not yet been released.