HSBC plans large-scale layoffs in UK wealth management business

HSBC plans to cut jobs in its UK wealth management business, the Financial Times reported, citing people familiar with the matter. About half of the managerial and professional roles in the business are expected to be eliminated, with the layoff rate for financial adviser positions approaching 70%. The bank is entering into employee consultations regarding the restructuring plan. Affected employees are expected to leave by the end of this month. HSBC said: "HSBC UK is a long-established leading UK wealth manager and high-end banking services provider." "We continuously iterate our business, launching more digital products and service processes to support first-class wealth management services and meet our clients' evolving needs." Note: In March this year, it was reported that HSBC was considering leveraging artificial intelligence to drive a multi-year restructuring and implement large-scale layoffs.