HSBC to cut 1,149 roles in wealth arm restructure

Nicola Brittain
clock •

Banking giant HSBC has proposed reducing staff numbers by 1,149 as part of a restructure of its wealth business.

The restructure is the result of changing consumer behaviour and regulation, according to a statement from the bank.  Affected staff will include commercial financial advisers, and 942 'relationship managers' who do not give financial advice. A total of 3,166 employees will be impacted. However, the bank is creating 2,017 new roles and expects most of these roles will be filled by displaced employees. As part of the restructure, the bank will combine all existing wealth advisers within HSBC's consumer retail banking business. New roles will also be added to create a diploma qual...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Fahad Hassan: When good news becomes an inflation problem

Fahad Hassan: When good news becomes an inflation problem

'Markets have been adjusting to the risks through valuations all year'

Fahad Hassan
clock 29 September 2026 • 6 min read
Healey promises 'new age of industrialisation' ahead of Budget

Healey promises 'new age of industrialisation' ahead of Budget

Keeps quiet on personal taxation, pensions or savings at Labour’s conference

Isabel Baxter
clock 28 September 2026 • 2 min read
MPs warn policymakers to stop using OBR as scapegoat for tough fiscal decisions

MPs warn policymakers to stop using OBR as scapegoat for tough fiscal decisions

Treasury Committee report

Jack Roach
clock 23 September 2026 • 2 min read