HSBC to scrap over 1,100 wealth management jobs

(Source: Reuters)

HSBC will cut 3,166 wealth management jobs based in the UK, the bank has announced. As part of a three year revival plan the bank will also introduce 2,017 roles to take the net loss to 1,149 positions.

The bank intends to introduce more face to face roles of 853 staff, while losing 942 relationship managers who do not give financial advice. The changes will ensure that UK Premier customers who currently hold over £50,000 of savings and investments with the bank will have a relationship manager as a single contact point for both banking and wealth management needs.

Antonio Simoes, head of the UK bank and deputy CEO said:

Better serving our customers, particularly for their wealth management needs, is essential if we are to fulfil our aspiration of becoming the world's leading international bank. These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing. Evolving and improving our culture will take time but the changes announced today are another step in the right direction.