HSBC has confirmed around 460 adviser roles will be cut in a "re-shaping" of its UK business model ahead of the Retail Distribution Review (RDR).
The bank said up to 700 employees could go as a result of the "major regulatory reforms" hitting its advisory business, as well as economic changes facing the banking industry over the next couple of years.
In a statement it said: "The introduction of the Retail Distribution Review at the end of 2012 will fundamentally alter the way that all financial organisations provide and charge for financial advice."
HSBC said the 700 impacted workers represent just over 1% of its total UK workforce.
But it said wealth management remains a "cornerstone" of its business strategy, and announced the creation of more than 50 new senior financial planning adviser roles.
A further 50 mortgage adviser roles will also be established to reflect the rapid growth of mortgage lending at the bank.
The UK financial planning business will continue to offer complex specialist financial advice and wealth management services, it said, in addition to services through direct channels including the internet and telephone.
"Following these changes HSBC will still have around 1,500 qualified advisors throughout the UK, making it one of the largest advice networks in the country," the bank said.
Elsewhere is today's announcement HSBC said it will cut 140 roles in the bank's service delivery area and around a further 100 roles across the IT operations and head office functions.
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