On October 8, HSBC HOLDINGS declined 3.07% in regular trading, trading at 145.3 Hong Kong dollars with turnover of 2.4 billion Hong Kong dollars.

Reuters reported that the bank plans to cut about half of management and specialist roles in its UK wealth management business and nearly 70% of financial adviser positions as it expands the use of artificial intelligence, with affected employees expected to leave at the end of October. The proposed cuts are part of a broader restructuring of the UK wealth business under CEO Georges Elhedery's strategy to simplify operations and reduce management layers.

Separately, the company disclosed that 6.9188 million shares repurchased between September 11 and September 28 were cancelled on October 6, reducing issued share capital from 17,141,942,291 to 17,135,023,491 shares. The bank confirmed all buyback and cancellation activities complied with Hong Kong listing rules.

HSBC HOLDINGS PLC is a banking and financial services company operating through 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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