October 8 press digest: HSBC reportedly plans cuts, Frasers takes Under Armour stake
UAA•HSBC reportedly plans sweeping job cuts in its UK wealth business as it adopts AI, while Frasers Group has built an almost 10% stake in Under Armour. Royal Mail plans 2,500 job cuts to fund a £500 million delivery improvement plan, and Porsche aims to raise top-model prices by about 20% by 2030.
1. HSBC and Under Armour
HSBC is reportedly planning sweeping job cuts in its UK wealth management business, reducing financial advisers and other specialists as it seeks to use AI to serve wealthy clients. Frasers Group, controlled by Mike Ashley, has built an almost 10% stake in Under Armour.
2. Royal Mail and Porsche
Royal Mail plans to cut 2,500 jobs to reduce costs and fund a £500 million plan to improve delivery times. Porsche aims to raise the average price of its most expensive models by about 20% by 2030, seeking to use exclusivity to boost profits.
