HSBC cutting 3,000 UK jobs in financial advice savings drive

Tim Wallace
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HSBC yesterday announced plans to scrap 3,116 roles in its wealth management arm as part of its programme to cut 30,000 jobs and make the lender more efficient.

Another 2,017 will be created leaving a net reduction of 1,149 jobs, while financial advisors will receive extra training to manage relationships with customers.

Customers with more than £50,000 at the bank are offered financial advice through HSBC’s premium service. Traditionally the clients have both a relationship manager and a financial advisor.

Now, they will only have one point of contact – the financial advisor, who will cover both roles.

“I understand change is always unsettling, particularly for those directly affected,” said bank chief Brian Robertson.

“We are doing everything possible to offer impacted employees opportunities from the many newly created roles.”