St James’s Place who is a wealth management firm are to make 500 people redundant it was revealed in an internal memo, Citywire reports.
The London listed company are looking cut around one-sixth of their 3,200 corporate workers as part of a £200 million savings drive.
The 4,800 financial advisors across the UK who operate under the company’s umbrella will not be affected.
Previously this year the company said they are looking to make £100 million in cost cutting over the next two years and by 2030 St James’s Place are expecting to save £500 million.
A spokesperson for St James’s Place said, “At our half-year results in July, we committed to saving £100 million 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.
“In the meantime, we are fully committed to supporting all potentially impacted colleagues and to keeping them fully updated on key decisions and developments.”
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