The Financial Times quoted people familiar with the matter as reporting that HSBC plans to lay off employees in the UK wealth management business. It is estimated that about half of the management and professional positions in this business will be abolished, and the layoff ratio for financial advisory positions is close to 70%. The bank is entering the employee negotiation phase on the above reform plan. The affected employees are expected to leave their jobs by the end of this month. HSBC said, “HSBC UK is an established leading British wealth management institution and high-end banking service provider.” “We continue to iterate our business and launch more digital products and service processes to support first-class wealth management services and meet the changing needs of our customers.” Note: In March of this year, it was reported that HSBC is considering using artificial intelligence to drive multi-year reforms and implement large-scale layoffs.

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