FT: HSBC plans major cuts to UK wealth management headcount

According to a report by the UK's Financial Times, HSBC plans to significantly cut headcount at its UK wealth management division, with management and professional roles expected to be halved and financial adviser roles possibly cut by about 70%. Affected employees are currently in a consultation period and could leave as early as the end of this month. HSBC hopes to serve high-net-worth clients through artificial intelligence, as part of Chief Executive Georges Elhedery's push to simplify the organisational structure. The relevant assets stood at about £62 billion as of the end of last year.