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 qualified adviser force of 853 people.
The proposed changes will ensure that all UK Premier customers who already hold over £50,000 of savings and investments with the bank, will have a relationship manager qualified to give financial advice as a single contact point for both their banking and wealth management needs.
Brian Robertson, CEO of HSBC Bank plc, said: “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.
“We are doing everything possible to offer impacted employees opportunities from the many newly created roles, and I’m confident a significant majority will remain with the bank.”
