HSBC Shares Slip After FT Reports Deep UK Wealth Job Cuts
HSBC is reportedly preparing deep cuts to its UK wealth management arm as it leans on artificial intelligence, according to the Financial Times. The shares are lower in early trade, but they were already sliding.
The Financial Times reported before the London open today that HSBC Holdings (LON: HSBA), the global bank, plans sweeping job cuts in its UK wealth management business as it pushes further into artificial intelligence.The shares are down about 2% in early trading.
At 09:25 UK time, in a delayed quote, HSBC shares were down 2.01% at 1,442.6p, against yesterday’s close of 1,472.2p. They opened at 1,457p, about 1% lower, and have traded between a high of 1,466p and a low of 1,439.6p so far today.
The FT said HSBC is consulting on the cuts, which would hit the part of the bank that advises customers on investing and saving. Reportedly, about 70% of financial advisers and about half of managers and specialists would be affected, with departures expected by the end of October.
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HSBC has not confirmed those numbers, and it did not deny the report. A spokesperson said:
HSBC UK is a long-established, leading UK wealth manager and premium banking provider. We’re continuing to evolve to deliver more digitally-enabled products and journeys, to support our best-in-class wealth service and meet the changing needs of our customers.
HSBC spokesperson
Cost cutting is often read as neutral to positive for a bank’s margins. Chief executive Georges Elhedery took over in September 2024 with a cost-cutting mandate and has put AI at the heart of the bank’s productivity efforts.
HSBC share price in pence, 1 July to 7 October 2026. The 7 October point is a delayed intraday quote.
The fall cannot be attributed to the report. The stock ended September at 1,497.6p, then fell 4.05% on Thursday to 1,437.0p. No analyst or news agency has linked today’s move to the story.
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It recovered to 1,442.2p on Friday, 1,459.0p on Monday and 1,472.2p yesterday, so today’s dip takes it back towards Thursday’s level. The shares are about 9.7% below the 1,597.4p close of the 3rd of August, their highest close since the start of July.
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