The Economic Information Agency reported on the 8th that HSBC (00005) is currently down 2.4%, trading at HK$146.3, with approximately 410,000 shares traded, involving HK$601 million.

HSBC's share price continues to be under pressure due to threats from the UK government of potentially imposing additional taxes on the banking sector.

In addition, according to foreign media citing sources, HSBC plans to cut staff in its UK wealth management division, significantly reducing the number of financial advisors and other professionals, in an effort to enhance services for high-net-worth clients through greater use of AI. The report indicates that the layoffs will affect various departments within HSBC's UK wealth management business, with about half of management and professional positions expected to be eliminated, and cuts among financial advisors reaching nearly 70%. Market concerns over the extensive layoffs potentially impacting wealth management revenues led to HSBC's ADR falling 4% overnight, closing 1.88% lower than its local closing price yesterday.

Currently, the Hang Seng Index stands at 24,031, down 98 points or 0.4%, with turnover on the main board nearing HK$3.1 billion. The Hang Seng China Enterprises Index is at 8,063, down 18 points or 0.2%. The Hang Seng Tech Index is at 4,183, down 10 points or 0.3%. (vs)