HSBC is reportedly replacing around half of its British wealth management business workforce with AI.A source described the cuts as “deep, wide and brutal” with up to 70 per cent of its financial advisers set to be made redundant by the end of the month, according to the Financial Times.The bank is in the middle of a consultation period over the proposed changes.In July, group chief executive Georges Elhedery said that the bank had been equipping relationship managers with AI to serve customers faster.

HSBC is reportedly replacing around half of its British wealth management business workforce with AI.

A source described the cuts as “deep, wide and brutal” with up to 70 per cent of its financial advisers set to be made redundant by the end of the month, according to the Financial Times.

The bank is in the middle of a consultation period over the proposed changes.

In July, group chief executive Georges Elhedery said that the bank had been equipping relationship managers with AI to serve customers faster.

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