Reports indicate that HSBC is planning job cuts across its UK wealth management division as part of an artificial intelligence restructuring programme. For employees who may be affected by these proposals, it is important to understand your legal rights, the consultation process, and what to expect under the employment law of England and Wales.
What has been announced
- On 7 October 2026, reports in the Financial Times and other media outlets stated that HSBC is planning job cuts within its UK wealth management business.
- The planned reductions are reported to be part of an artificial intelligence restructuring programme and a broader push into AI technology.
- The exact number of affected roles and specific office locations have not been stated in the initial reports.
About the company
HSBC is a major international banking and financial services organisation operating across retail banking, commercial banking, and wealth management in the UK.
What happens next
Before any redundancies take effect, the employer is required to conduct a fair consultation process with affected staff.
If the bank proposes to make 20 to 99 redundancies at one establishment within 90 days, collective consultation must last at least 30 days. If 100 or more redundancies are proposed, collective consultation must last at least 45 days.
Individual consultation meetings must take place to discuss why your role is at risk, consider alternatives to redundancy, and review potential suitable alternative employment.
Employees with at least two years of continuous service are entitled to statutory redundancy pay, calculated according to age, length of service, and weekly earnings up to the statutory limit.
Voluntary or compulsory redundancy
HSBC may consider opening a voluntary redundancy scheme, which gives employees the opportunity to express interest in leaving under agreed terms.
The employer is not required to accept every application for voluntary redundancy.
If compulsory redundancies are required, the employer must establish clear, objective, and non-discriminatory selection criteria to identify which roles are selected.
Your settlement agreement
Employers frequently offer settlement agreements to staff leaving through redundancy, often providing an enhanced payment above statutory minimums in exchange for waiving potential legal claims.
To make a settlement agreement legally binding under the law of England and Wales, you must receive advice from an independent legal adviser, such as a qualified employment solicitor.
The employer typically covers or makes a financial contribution toward your legal costs for reviewing and signing the settlement agreement.
Common questions
How many jobs are being cut at HSBC UK wealth?
The precise number of job cuts has not been stated in current reports.
Am I entitled to redundancy pay?
You are entitled to statutory redundancy pay if you have worked continuously for the employer for at least two years. You should also check your employment contract or internal policies to see if you qualify for enhanced contractual redundancy terms.
What is the consultation timeline for these redundancies?
If 20 to 99 redundancies are proposed at a single establishment within 90 days, collective consultation must run for at least 30 days before notices of dismissal take effect. If 100 or more redundancies are proposed, the minimum period is 45 days.
How Deen & Co helps
Deen & Co Solicitors advises employees facing redundancy, restructuring, and settlement agreements across England and Wales. We review proposed settlement agreements, advise on fair redundancy selection, and help you understand and protect your legal rights throughout the process.
Read more about settlement agreement advice or work out your statutory redundancy pay.
If your role is in London, our settlement agreement solicitors London can review the package before you sign.
Sources
- HSBC plans deep UK wealth redundancies in AI expansion – report - Yahoo Finance — Yahoo Finance (8 October 2026)
- HSBC plans deep UK wealth redundancies in AI expansion – report - Private Banker International — Private Banker International (8 October 2026)
- HSBC reportedly planning ‘brutal’ job cuts in UK wealth management arm - Wimbledon Times — Wimbledon Times (7 October 2026)
- HSBC Plans UK Wealth Jobs Cuts In AI Restructuring - BW People — BW People (7 October 2026)
- HSBC plans sweeping job cuts across UK wealth business in AI push - Financial Times — Financial Times (7 October 2026)
- HSBC plans job cuts across UK wealth business in AI push, FT reports - Reuters — Reuters (7 October 2026)
Last updated 7 October 2026. This page summarises publicly reported information and is general guidance, not legal advice on your own situation.
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