FTSE 100 movers: Financials in the red; JD Sports rallies
London’s FTSE 100 was down 0.8% at 10,458.94 in afternoon trade on Wednesday.
Financials were under the cosh, with Asia-focused names Prudential, HSBC and Standard Chartered the worst hit, while Barclays, NatWest and Lloyds also fell.
HSBC was in focus following a report the bank is planning sweeping job cuts in its UK wealth management business, drastically reducing its ranks of financial advisers and other specialists as part of a push to use AI to help serve wealthy clients.
According to the Financial Times, which cited people familiar with the plans, the bank will cut roles across its UK wealth business. About half of the business’s management and specialist roles are expected to go, while the reduction in the ranks of financial advisers will be closer to 70%.
One source described the cuts as "deep, wide and brutal", adding that almost entire teams would be made redundant. HSBC does not break down how many people it employs in its UK wealth business but it is thought to have hundreds of relationship managers based across the country, according to the FT.
On the upside, JD Sports was the standout gainer on the index, with consumer goods giant Reckitt and consumer healthcare company Haleon close behind.
FTSE 100 - Risers
JD Sports Fashion (JD.) 83.70p 4.13%
Reckitt Benckiser Group (RKT) 5,094.00p 2.94%
Haleon (HLN) 342.10p 2.88%
Marks & Spencer Group (MKS) 394.20p 2.20%
Vodafone Group (VOD) 127.40p 2.00%
British American Tobacco (BATS) 4,057.00p 1.60%
Sainsbury (J) (SBRY) 327.30p 1.55%
BT Group (BT.A) 198.35p 1.41%
Compass Group 11 (CPG) 30.41p 1.33%
Diageo (DGE) 1,616.50p 1.31%
FTSE 100 - Fallers
Prudential (PRU) 879.80p -4.74%
HSBC Holdings (HSBA) 1,413.60p -4.08%
Lion Finance Group (BGEO) 12,790.00p -4.05%
Standard Chartered (STAN) 2,167.00p -4.03%
Barclays (BARC) 431.15p -3.69%
Investec (INVP) 595.50p -3.64%
Antofagasta (ANTO) 3,697.00p -3.45%
NATWEST GROUP (NWG) 647.80p -3.35%
Lloyds Banking Group (LLOY) 102.40p -3.17%
Weir (WEIR) 2,580.00p -3.08%