On October 7, HSBC Holdings PLC declined 3.05% in pre-market trading, trading at $94.64 per share, with turnover of $124.97 million.

The decline follows reports that HSBC plans to cut about half of management and specialist roles in its UK wealth management business, with financial adviser positions facing cuts of nearly 70%, as part of an AI-driven simplification strategy.

Affected employees are expected to leave at the end of October, and staff are currently in a consultation period. HSBC CEO Georges Elhedery has made AI central to the bank's strategy to simplify operations and reduce management layers. The bank also disclosed the cancellation of 6.9188 million repurchased shares on October 6, part of a previously completed $1 billion buyback program.

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

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