St James’s Place is making around 500 staff redundant as part of a £200million savings drive.
The wealth management company plans to cut about one-sixth of its 3,200 corporate staff, it revealed in an internal memo first reported by the trade outlet Citywire.
Earlier this year, St James’s Place said it would make £100million in cost cuts per year for the next two years, and that it expected to have made £500million in savings by 2030.
The plans were announced as part of a strategy shake-up under chief executive Mark FitzPatrick, who joined last year.
The layoffs will not affect the London-listed company’s stable of roughly 4,800 financial advisers across the country, who run their own smaller firms under the St James’s Place umbrella.
Instead, the 3,200 corporate staff will be targeted by the cuts, a source familiar with the matter confirmed.
Cost cuts: St James’s Place plans to cut about one-sixth of its 3,200 corporate staff, it revealed in an internal memo first reported by the trade outlet Citywire
A spokesman for St James’s Place said: ‘At our half-year results in July, we committed to saving £100million per year from the addressable cost base by 2027.
Our cost reduction plans are focused on simplification and standardisation of processes within the business, but a programme of this size and scale will inevitably impact colleagues.
‘We have now begun consulting with colleagues to share our proposal for how this might impact roles, the outcome of which will not be known until next year.’
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