HSBC Holdings (HKG:0005) plans to cut about half of management and specialist roles in its UK wealth management business and nearly 70% of financial adviser positions as it expands the use of AI, the Financial Times reported Wednesday, citing people familiar with the plans.

The proposed cuts are part of a broader restructuring of the UK wealth business, with affected employees expected to leave at the end of October, the report said. Staff are currently in a consultation period.

HSBC Chief Executive Georges Elhedery has made AI a key part of the bank's strategy to simplify operations and reduce management layers, Financial Times noted.

An HSBC UK spokesperson told MT Newswires that the bank is continuing to develop more "digitally-enabled products" and services to support its wealth-management offering and changing customer needs.

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