HSBC has begun a consultation process that could lead to the layoff of up to 70% of its private bankers in the United Kingdom, according to reports. The bank confirmed to AFP that it is conducting an internal review in response to an article by the Financial Times, which stated that hundreds of positions in HSBC’s wealth management division are at risk due to the adoption of artificial intelligence. A spokesperson for HSBC said, "We are currently in a period of consultation," when asked by AFP about the newspaper’s report. The Financial Times reported that about half of the management and specialist roles should be eliminated, while the number of financial advisors could fall by 70% in the UK wealth management division. According to the newspaper, affected employees should leave the bank by the end of the month. This potential restructuring follows reports from Bloomberg in March of last year that HSBC was considering cutting up to 20,000 jobs over five years, or 10% of its global workforce, though no final decision had been made at that time. The current changes align with the strategy of HSBC’s chief executive, Georges Elhedery, who has been in his role since 2024 and has made artificial intelligence a central part of his plan to simplify the bank’s operations. This summer, Elhedery highlighted wealth management as one of the areas where AI could have the most impact. He stated that AI could help customer relationship managers serve clients more efficiently by providing them with additional resources. In a report titled Our Strategy — Based on Trust, Accelerated by AI, Elhedery noted that AI would change how work is done across all sectors, potentially affecting some jobs, transforming others, and creating new roles that are only beginning to be imagined. The proposed job cuts represent a shift from HSBC’s previous approach. Two years ago, the bank launched a large recruitment campaign to expand its wealth management and private banking operations in the UK. That effort aimed to grow the division by hiring more staff and improving services for high-net-worth clients. Now, however, the bank appears to be moving in the opposite direction, seeking to reduce its workforce in the same area. The change highlights the growing influence of AI in the financial sector and the challenges it poses for traditional roles. As automation becomes more common, companies like HSBC are reevaluating their staffing needs and how they deliver services to clients. The potential reduction in the number of private bankers is part of a broader trend in the financial industry, where AI is increasingly used to automate tasks such as investment advice, customer service, and data analysis. This shift is expected to continue as technology advances and more banks invest in digital solutions. While HSBC has not yet confirmed the exact number of job losses, the consultation process suggests that the bank is seriously considering significant changes to its wealth management operations in the UK. The outcome of this review could have major implications for employees, clients, and the broader financial services sector.