HSBC has announced plans to cut 1,149 jobs in Britain in an effort to adjust to recent regulations issued to wealth advisers, reports The New York Times. The new regulations requests that financial advisors in Britain to have transparent costs and customer awareness, instead of a program that previously allowed advisers to collect commissions from the providers of various products or services. HSBC reported that most of the cuts would be in the wealth management and advice departments after the new regulations were implemented. Other British banks may be forced to cut jobs in order to reduce costs as well.
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