On October 7, HSBC Holdings PLC fell 3.87% in regular trading, trading at $93.45/share, with Turnover of $20.04 million.

The decline came after the Financial Times reported that HSBC plans to cut about half of management and specialist roles in its UK wealth management business, and nearly 70% of financial adviser positions, as part of a push toward AI-powered services and reduced management layers under CEO Georges Elhedery's strategy. Affected employees are expected to leave at the end of October.

Within the Diversified Banks sector where HSBC Holdings PLC belongs, the broader financial sector showed weakness, with JPMorgan Chase down 1.85%, Bank of America down 2.07%, Citigroup down 3.28%, Nu Holdings down 0.13%, and Wells Fargo down 1.69%.

HSBC Holdings plc (HSBC) is a banking and financial services company. Its business segments include Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth and Premier Banking (IWPB). Its customers range from personal banking and wealth customers to large corporates, institutions and governments.

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