HSBC is planning to cut jobs within its UK wealth management business, according to media reports citing people familiar with the matter.

Roughly half of the management and specialist roles in the division are expected to be eliminated, while the reduction in financial adviser positions could reach nearly 70%.

The bank has entered a staff consultation process regarding these restructuring proposals. Affected employees are anticipated to leave by the end of this month.

HSBC stated: "HSBC UK is a long-established leading UK wealth manager and high-end banking services provider."

"We continuously evolve our business, introducing more digital products and service processes to support top-tier wealth management services and meet our clients' changing needs."

Note: Reports emerged in March this year that HSBC was considering leveraging artificial intelligence to drive a multi-year transformation and implement large-scale layoffs.