HSBC blames RDR for cull of 460 adviser roles

The bank said up to 700 employees could go as a result of the "major regulatory reforms" hitting its advisory business, as well as economic changes facing the banking industry over the next couple of years. In a statement it said: "The introduction of the Retail Distribution Review at the end of 2012 will fundamentally alter the way that all financial organisations provide and charge for financial advice." HSBC said the 700 impacted workers represent just over 1% of its total UK workforce. But it said wealth management remains a "cornerstone" of its business strategy, and announced...