HSBC to cut 1,149 roles in wealth arm restructure

Banking giant HSBC has proposed reducing staff numbers by 1,149 as part of a restructure of its wealth business.

The restructure is the result of changing consumer behaviour and regulation, according to a statement from the bank.  Affected staff will include commercial financial advisers, and 942 'relationship managers' who do not give financial advice. A total of 3,166 employees will be impacted. However, the bank is creating 2,017 new roles and expects most of these roles will be filled by displaced employees. As part of the restructure, the bank will combine all existing wealth advisers within HSBC's consumer retail banking business. New roles will also be added to create a diploma qual...