HSBC cuts UK wealth adviser jobs; Mynt hits $7bn valuation
FinTech Futures rounds up five major stories from the week of October 9, 2026, including a massive valuation for a Philippine digital wallet and a strategic stake acquisition in Spain.
HSBC targets wealth advisers with automation
HSBC plans to cut approximately 70% of its UK wealth management financial advisers and about half of the managers and specialists in the division, according to a Financial Times report citing sources with direct knowledge of the move. The restructuring aims to shift operations toward more AI automation, with departures expected by the end of October. A bank spokesperson said the changes are intended to evolve the bank into a more digitally-enabled business to meet customer needs.
Mynt locks in $7bn valuation for Philippines IPO
The parent company of GCash, Mynt, has set its initial public offering price at PHP 6.60 per share on the Philippine Stock Exchange. This pricing values the company at roughly $7 billion, marking it as the largest listing for the exchange. Mynt expects to raise PHP 53 billion, or about $845 million, through the sale of 8.0 billion shares. If the overallotment option is fully exercised, the total amount could reach PHP 60.9 billion, or $971.3 million. Underwriters for the transaction include Morgan Stanley, JP Morgan Securities, and UBS Singapore.
BPCE buys 7% stake in Banco Sabadell
French banking group BPCE has acquired a 7% stake in Banco Sabadell, Spain’s fourth-largest financial institution, through market purchases and financial instruments. The French bank stated it does not intend for its shareholding to exceed 9.9%. The two entities plan to explore business cooperation opportunities in areas such as corporate and investment banking, consumer credit, equipment leasing, and cross-border clients’ business. Discussions on these topics are expected to be finalized early next year, and BPCE will engage with Spanish and European regulatory authorities regarding a board representative appointment.
Rain seeks OCC approval for New York trust bank
Stablecoin infrastructure provider Rain has filed an application with the US Office of the Comptroller of the Currency to establish a new federal subsidiary named Rain National Trust Bank. The company has named Brandon Soto, a former executive at Square Financial Services, as the proposed president and CEO of the entity. Rain stated that if approved, RNTB will be used solely for custody, reserve management, and stablecoin issuance and redemption functions required by partner programs.
DNB cuts 400 jobs in digital push
Norwegian lender DNB is set to eliminate around 400 full-time positions, representing nearly 4% of its workforce of over 10,500 staff. The job cuts will primarily affect employees in the bank’s technology and services division as the bank shifts toward AI agents and digital automation. The restructuring costs will be recognized in the accounts during the fourth quarter of 2026. The bank explained that it has adopted agentic AI in several operations to replace manual tasks and improve customer service.
