HSBC is cutting 3,166 UK jobs as part of a restructure of its advice arm, which will combine all the bank’s wealth advisers within the retail bank division.
The bank says the changes could see a net loss of 1,149 jobs as it hopes to redeploy affected staff into 2,017 new roles.
From 1 June, existing HSBC wealth advisers will come under the bank’s retail banking business. The move will see the role of commercial finance adviser scrapped, as well as 942 relationship managers who do not give financial advice.
The restructure will lead to an adviser team of 853 people. The bank is launching “a wealth learning programme” for employees who wish to become qualified to QCF level four.
HSBC says the restructure will give customers a single point of contact for advice and banking services. Customers need at least £50,000 in total assets to access advice from the bank.
HSBC Bank chief executive Brian Robertson says: “I understand change is always unsettling, particularly for those directly affected. However, I also firmly believe what we are proposing is essential in order for us to fulfil our customers’ expectations.”
HSBC axed its tied advice service last April, resulting in up to 650 adviser job losses.
Page Russell director Tim Page says: “At least HSBC is refining its advice proposition, rather than giving up on offering advice entirely.”