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HSBC HOLDINGS Reportedly Plans Massive Layoffs in UK Wealth Mgmt Unit; Financial Adviser Positions May Be Axed by ~70%
2026-10-07 13:13:06 HSBC HOLDINGS (00005.HK) is planning large-scale layoffs in its UK wealth management business, radically slashing the number of financial advisers and other specialists as part of a push to use AI to assist services for affluent clients, Financial Times reported. Since HSBC HOLDINGS CEO Georges Elhedery took the helm in September 2024, he has made AI a core part of the bank's streamlining strategy. He also pledged to reduce the bank's workforce by cutting management layers and eliminating overlapping senior positions. Sources familiar with the matter said HSBC HOLDINGS will cut positions in its UK wealth management business. One source said about half of the management and specialist roles in the business are expected to be eliminated, while cuts to financial advisers could approach 70%. ~ AASTOCKS Financial News Website: www.aastocks.com | |