The lender is currently consulting to changes it wealth management operations as part of the shake-up, which would impact the hundreds of relationship managers and financial advisers it employs across the UK.

The move, reported by the FT, could see the amount of specialist and management roles reduced by as much as half with as much as 70% of its financial advisers culled.

The bank did not disclose the total number of jobs at risk in its wealth division. Its UK business has £134bn of wealth balances, split across its private banking and premier banking businesses. The division is estimated to employ up to 35,000 people across the UK.

Chief executive Georges Elhedery previously told staff to avoid “fighting” its AI ambitions, stating at an investor day event in May: Staff must not be “disenfranchised, not anxious, overwhelmed, and resisting the change. We all know ​generative AI will destroy certain jobs and will create new jobs.

“But my initial mission ​is: I need 200,000 colleagues with us on this journey – however many will be ⁠left at the end of the journey isn’t the problem.”

It comes as HSBC revealed a partnership with Google Cloud, where it aims to use its AI to scout priority projects, which could help the form create $100m in “efficiency gains”.

It said in June the roll-out would be “hyper-personalised” wealth management, stronger financial crime risk management and AI tools to “enhance” client services.

A spokesperson for HSBC said: “HSBC UK is a long-established, leading UK wealth manager and premium banking provider. 

“We’re continuing to evolve to deliver more digitally-enabled products and journeys, to support our best-in-class wealth service and meet the changing needs of our customers.”