Update: Market Chatter: HSBC Said to Plan Major UK Wealth Management Job Reductions Amid AI Shift

01:56 AM EDT, 10/07/2026 (MT Newswires) -- (Updates with HSBC's statement) HSBC (HSBA.L) reportedly plans to cut several financial adviser and other specialist roles across its UK wealth management business as part of a broader shift toward artificial intelligence, London's Financial Times reported Wednesday, citing people familiar with the matter. The British lender is in a "consultation period" over the proposed cuts, which could affect about 50% of management and specialist roles and roughly 70% of financial adviser positions, according to the report. The affected employees are expected to exit by the end of October, with some teams facing near-total redundancies, one source told the newspaper. "We're continuing to evolve to deliver more digitally-enabled products and journeys, to support our best-in-class wealth service and meet the changing needs of our customers," an HSBC spokesperson told MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)