HSBC plans to significantly reduce its financial advisor workforce by approximately 70%. This move is driven by the bank's strategic shift towards automation through artificial intelligence. The cuts will also impact managers and specialists within the wealth management division. These changes are part of a broader restructuring aimed at increasing assets under management. The first layoffs are anticipated by the end of October.
London, United Kingdom
https://forklog.com/en/ft-hsbc-to-cut-70-of-advisors-in-favor-of-ai/