Rolling coverage of the latest economic and financial newsHSBC has also been asked about the impact of AI on the jobs market, after rival Barclays announced 5,000 job cuts last week.The Financial Times reported earlier this month that HSBC is planning sweeping job cuts in its UK wealth management business, but the bank dodged the question today.“We know that AI will change how work is done across industries, and of course it will impact some roles. It’ll transform other roles, and it will change them, while creating entirely new roles. So beyond that, there’s nothing specific in a number-term that I want to share or indeed have to share at the moment.“For the wealth management business, the UK is a home market and we are a leading wealth manager. I’m not going to comment on press speculation on job losses, but what I can tell you is that in terms of customer engagement and serving the needs of our customers, we absolutely focus on the workforce we have, both in terms of skilling it and building on it. And we are also hiring in multiple areas in the UK.”“Some in the finance lobby have tried every which way to stop tax rises in the Budget. But these results make it blatantly obvious banks can afford to contribute more.“It’s not just HSBC. Barclays announced bumper profits last week too. And Britain’s big four banks have made more than £200bn in profit over the last five years. Continue reading...