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HSBC Implements Job Cuts Amid AI Shift
HSBC bank plans to make significant cuts in its wealth management functions in the UK, reducing approximately half of the managerial and specialized roles and cutting the number of financial advisors by up to 70%, in an effort to leverage artificial intelligence to enhance service delivery to high-net-worth clients. This move is part of the bank's strategy to develop its digital activities and comes after a recruitment campaign two years ago aimed at expanding wealth management and private banking services. The affected employees are being consulted about leaving their jobs by the end of October.
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