On October 8, HSBC Holdings PLC fell 3.02% in pre-market trading, trading at $90.88/share, with Turnover of $148.85 million. The decline follows reports that the bank is planning large-scale layoffs in its UK wealth management business as part of an AI-driven restructuring.

According to media reports, the bank intends to cut roughly half of management and specialist roles, and nearly 70% of financial adviser positions in the UK wealth unit, with affected employees expected to leave at the end of October. The move aligns with CEO Georges Elhedery's strategy to simplify operations and reduce management layers through AI adoption.

HSBC Holdings plc (HSBC) is a banking and financial services company with segments covering Hong Kong, the UK, Corporate and Institutional Banking, and International Wealth and Premier Banking, serving customers across 56 countries and territories.

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