HSBC on Tuesday said it would cut around 1,150 jobs in the UK as it changes the way it offers financial advice to wealthy customers.

The bank, which is two years into a major revamp to concentrate on certain geographies and business lines, including wealth management, said advice offered to "Premier" customers-those with at least £50,000 ($76,455) in savings and investments with the bank-will be made through its consumer retail banking business from June. This brings financial advice under one umbrella, moving financial advisers currently in the wealth division into retail, and eliminating the role of commercial financial advisers who work with business customers.