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Banking giant Investec will slash 210 jobs from its London HQ

Banking giant Investec has confirmed plans to axe 210 jobs from its London headquarters amid a ‘challenging economic backdrop’.

The firm said it will slash around 13 per cent of roles in the capital in order to help ‘simplify and focus the business’ amid the pandemic. 

Investec added its performance in the five months to August 31 was impacted by lower average interest rates, reduced client activity and a 22 per cent depreciation of the South African rand against the pound.   

Fani Titi, chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during this turbulent period.

However, he added that the business had ‘proved resilient’ despite the impact of lockdown in the first quarter before economies slowly started to reopen.

A spokesman added: ‘The strategy was set prior to Covid-19 but the crisis has also increased the focus on containing and reducing costs.’ 

Elsewhere, Ffestiniog and Welsh Highland Railways in North Wales today announced it will cut 90 jobs as part of a ‘survival plan’ after annual profits fell by £5million. 

Banking giant Investec has confirmed plans to axe 210 jobs from its London headquarters (pictured) amid a ‘challenging economic backdrop’ due to the coronavirus crisis

The latest cuts bring the total number of Britons who have lost their jobs or are at risk of being made redundant since the coronavirus crisis began to almost 193,000.

Lloyds Bank announced plans to shed hundreds of jobs earlier this month mainly in its insurance, wealth and retail teams.

The 865 cuts will lead to a net reduction of 639 in Lloyds’ headcount as the bank has also created 226 jobs.

Lloyds had earlier indicated the job losses included 780 cuts that were announced in February but put on hold because of the pandemic.

It has now clarified the new reductions are on top of the 780 already planned.

Investec today said funding under management has recently increased by 14.1 per cent to £51.4billion, while its net inflows were positive at £391million.   

Meanwhile, its core loans and advances declined by 1.3 per cent to £24.6billion for the period.

Fani Titi (pictured), chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during this turbulent period

Fani Titi (pictured), chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during this turbulent period

Ffestiniog and Welsh Highland Railways in North Wales today announced it will cut 90 jobs as part of a 'survival plan' after annual profits fell by £5million. Pictured: Porthmadog, Wales

Ffestiniog and Welsh Highland Railways in North Wales today announced it will cut 90 jobs as part of a ‘survival plan’ after annual profits fell by £5million. Pictured: Porthmadog, Wales

The firm told investors it had reduced its operating costs amid the pandemic as management aimed to tighten its ‘controllable costs’.

It also said it now expects net asset value per share to increase to between 422p and 428p by the end of September, up from 414.3p at the end of the previous financial year.

However, it warned that expected credit losses are to remain elevated as it said it does not anticipate paying out an interim dividend.

Mr Titi said: ‘Capital and liquidity ratios remain robust and are expected to be stable.

‘The business is well positioned to support its clients through this challenging environment.

‘We will continue to ensure the safety and wellbeing of our people and the integrity of our balance sheet.’ 

Unite union national officer Rob MacGregor previously said he is worried about the prospects for workers who are being let go in a chaotic jobs market.

Lloyds Bank announced plans to shed hundreds of jobs earlier this month mainly in its insurance, wealth and retail teams

Lloyds Bank announced plans to shed hundreds of jobs earlier this month mainly in its insurance, wealth and retail teams

New data released this week shows more than 300,000 jobs were put at risk of redundancy in June and July - nearly seven times higher than last year's levels

 New data released this week shows more than 300,000 jobs were put at risk of redundancy in June and July – nearly seven times higher than last year’s levels

New data released this week shows more than 300,000 jobs were put at risk of redundancy in June and July – nearly seven times higher than last year’s levels. 

New losses in the financial sector follow the Co-operative Bank’s decision to axe around 350 jobs from up and down the country and close 18 branches after falling victim to Britain’s coronavirus jobs bloodbath.   

And last month Natwest Group announced it too was cutting 550 jobs in branches across the UK and closing one of its remaining offices in London.

The bank, formerly known as RBS, said the cuts would be made through voluntary redundancies and there would be no branch closures.

Mr MacGregor said: ‘While the creation of 220 jobs is to be welcomed, this will be no comfort to those members of staff who will from today face an uncertain future.’

He asked bosses at Lloyds to ensure everyone who is hit by the cuts is given the option to get a new job at the bank.

‘Unite is adamant that it is totally unacceptable that LBG persists in putting undue pressure on those who remain working for the bank by making hundreds more of their fellow workers redundant on a regular basis,’ Mr MacGregor said.

‘The pandemic has demonstrated the amazing resilience and flexibility of this workforce.

‘The employer should not focus solely on cutting jobs and costs but instead the bank should invest in a workforce that has only shown loyalty, dedication and hard work through the good times and the bad.’ 

Job losses were also today announced by Ffestiniog and Welsh Highland Railways in North Wales, which has started a redundancy consultation with 90 staff after its annual income plummeted from £6million to £1million.

The narrow gauge railway drew up a ‘survival plan’ after it was forced to close to visitors when travel restrictions were introduced in March.   

Director Paul Lewin said: ‘It is vitally important to the local economy that the railway survives the coming winter and is able to open again for the 2021 season.

‘A large number of jobs in the area are reliant on the income generated by the railway, not only our own employees but those in the supplier base, accommodation providers, retail and dining.’

The railway contributes £25million a year to the local economy when running at full steam.

It reopened its doors when restrictions were eased but with reduced passenger numbers for social distancing.

A fundraising appeal to members has already raised over £500,000 to help keep the attraction open.

The railway has also received support from the National Lottery Heritage Emergency Fund and a Welsh Government grant.         

How more than 190,000 jobs have now been lost or are at risk amid the coronavirus pandemic

Here is a list of some of the major British employers that have announced major job cuts since the start of the lockdown. 

Major potential job losses announced since March 23: 194,997

  • September 18 – Investec – 210 
  • September 18 – Ffestiniog and Welsh Highland Railways – 90 
  • September 15 – Waitrose – 124
  • September 14 – London City Airport – 239 
  • September 9 – Pizza Hut – 450 at risk 
  • September 9 – Lloyds Bank – 865 
  • September 3 – Virgin Atlantic – 1,150
  • September 3 – Costa – 1,650 
  • September 2 – Heathrow – 1,200 
  • August 27 – Pret a Manger – 2,800 
  • August 25 – Co-operative bank – 350 
  • August 20 – Alexander Dennis – 650 
  • August 18 –  Bombardier – 95
  • August 18 – M&S – 7,000
  • August 17 – easyJet – 670 
  • August 17 – Jet2 – 102 
  • August 16 – Debenhams – 14,000 at risk 
  • August 14 – John Lewis – 399 at risk 
  • August 14 – Yo! Sushi – 250
  • August 14 – River Island – 350
  • August 12 – NatWest – 550
  • August 11 – InterContinental Hotels – 650 worldwide
  • August 11 – Debenhams – 2,500
  • August 7 – Evening Standard – 115
  • August 6 – Travelex – 1,300
  • August 6 – Wetherspoons – 110 to 130
  • August 5 – M&Co – 380
  • August 5 – Arsenal FC – 55
  • August 5 – WH Smith – 1,500
  • August 4 – Dixons Carphone – 800
  • August 4 – Pizza Express – 1,100 at risk
  • August 3 – Hays Travel – up to 878
  • August 3 – DW Sports – 1,700 at risk
  • July 31 – Byron – 651
  • July 30 – Pendragon – 1,800
  • July 29 – Waterstones – unknown number of head office roles
  • July 28 – Selfridges – 450
  • July 27 – Oak Furnitureland – 163 at risk
  • July 23 – Dyson – 600 in UK, 300 overseas
  • July 22 – Mears – fewer than 200
  • July 20 – Marks & Spencer – 950 at risk
  • July 17 – Azzurri Group (owns Zizzi and Ask Italian) – up to 1,200
  • July 16 – Genting – 1,642 at risk
  • July 16 – Burberry – 150 in UK, 350 overseas
  • July 15 – Banks Mining – 250 at risk
  • July 15 – Buzz Bingo – 573 at risk
  • July 14 – Vertu – 345
  • July 14 – DFS – up to 200 at risk
  • July 9 – General Electric – 369
  • July 9 – Eurostar – unknown number
  • July 9 – Boots – 4,000
  • July 9 – John Lewis – 1,300 at risk
  • July 9 – Burger King – 1,600 at risk
  • July 7 – Reach (owns Daily Mirror and Daily Express newspapers) – 550 
  • July 2 – Casual Dining Group (owns Bella Italia and Cafe Rouge) – 1,909
  • July 1 – SSP (owns Upper Crust) – 5,000 at risk
  • July 1 – Arcadia (owns TopShop) – 500
  • July 1 – Harrods – 700
  • July 1 – Virgin Money – 300
  • June 30 – Airbus – 1,700
  • June 30 – TM Lewin – 600
  • June 30 – Smiths Group – ‘some job losses’
  • June 25 – Royal Mail – 2,000
  • June 24 – Jet2 – 102
  • June 24 – Swissport – 4,556
  • June 24 – Crest Nicholson – 130
  • June 23 – Shoe Zone – unknown number of jobs in head office
  • June 19 – Aer Lingus – 500
  • June 17 – HSBC – unknown number of jobs in UK, 35,000 worldwide
  • June 15 – Jaguar Land Rover – 1,100
  • June 15 – Travis Perkins – 2,500
  • June 12 – Le Pain Quotidien – 200 
  • June 11 – Bombardier – 600
  • June 11 – Johnson Matthey – 2,500
  • June 11 – Centrica – 5,000
  • June 10 – Quiz – 93
  • June 10 – The Restaurant Group (owns Frankie and Benny’s) – 3,000
  • June 10 – Monsoon Accessorise – 545
  • June 10 – Everest Windows – 188
  • June 8 – BP – 10,000 worldwide
  • June 8 – Mulberry – 375
  • June 5 – Victoria’s Secret – 800 at risk
  • June 5 – Bentley – 1,000
  • June 4 – Aston Martin – 500
  • June 4 – Lookers – 1,500
  • May 29 – Belfast International Airport – 45
  • May 28 – Debenhams (in second announcement) – ‘hundreds’ of jobs
  • May 28 – EasyJet – 4,500 worldwide
  • May 26 – McLaren – 1,200
  • May 22 – Carluccio’s – 1,000
  • May 21 – Clarks – 900
  • May 20 – Rolls-Royce – 9,000
  • May 20 – Bovis Homes – unknown number
  • May 19 – Ovo Energy – 2,600
  • May 19 – Antler – 164
  • May 15 – JCB – 950 at risk
  • May 13 – Tui – 8,000 worldwide
  • May 12 – Carnival UK (owns P&O Cruises and Cunard) – 450
  • May 11 – P&O Ferries – 1,100 worldwide
  • May 5 – Virgin Atlantic – 3,150
  • May 1 – Ryanair – 3,000 worldwide
  • April 30 – Oasis Warehouse – 1,800
  • April 29 – WPP – unknown number
  • April 28 – British Airways – 12,000
  • April 23 – Safran Seats – 400
  • April 23 – Meggitt – 1,800 worldwide
  • April 21 – Cath Kidston – 900
  • April 17 – Debenhams – 422
  • March 31 – Laura Ashley – 268
  • March 30 – BrightHouse – 2,400 at risk
  • March 27 – Chiquito – 1,500 at risk.

Read more at DailyMail.co.uk


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