The bank will be recruiting an additional 300 regulated advisers which will bring the total number to 850.
However, a potential 1149 jobs are at risk, as 3166 employees will be affected and just 2017 new roles will be available following the reshuffle.
The roles of around 940 premier relationship advisers, who do not give advice, will be culled, as will those of commercial financial advisers, all of which act as a point of contact for the bank’s customers with over £50,000 deposited.
A spokesperson for the bank said: “There is a risk to commercial banking advisers, and all advisers will need to be regulated following the restructure.
“However, we are launching a wealth learning programme to support all colleagues who wish to receive their diploma qualification.”
The bank cited customer interest as motivation for the move.
Antonio Simoes, head of the UK bank and deputy CEO of HSBC Bank, said: “These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing. Evolving and improving our culture will take time but the changes announced today are another step in the right direction.”
Scandal-hit HSBC reported a profits slump in 2012 following a year in which it was dogged by the Libor scandal and hit with a $1.92bn fine by the US authorities for lax US compliance which left it vulnerable to money laundering.
