Story perspectives

HSBC UK to cut up to 70% advisor roles

By Drooid · Oct 9, 2026, 6:40 PM UTC · How we work

Summary

Story summary

HSBC UK will cut up to 70% of its financial advisor roles as it expands AI use.
The cuts, described as “deep, wide and brutal,” target employee exits by the end of October.
HSBC announced an AI partnership with Google Cloud to deploy AI across its global operations.
HSBC’s June 24 Trust Threshold survey of about 10,000 investors found only 12% said AI most influenced their last investment decision.

History

Historical Context

In 2016 Bank of America launched Erica, the first major U.S. bank AI chatbot, handling over 10 million interactions and prompting a 5 % cut in call-center staff by 2018. Building on that trend, HSBC UK announced in 2024 it will cut up to 70 % of its financial-advisor roles and partner with Google Cloud, prompting the FCA to tighten oversight of fiduciary duties.

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Story summary

HSBC UK will cut up to 70% of its financial advisor roles as it expands AI use.
The cuts, described as “deep, wide and brutal,” target employee exits by the end of October.
HSBC announced an AI partnership with Google Cloud to deploy AI across its global operations.
HSBC’s June 24 Trust Threshold survey of about 10,000 investors found only 12% said AI most influenced their last investment decision.

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