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UK-based wealth manager St James’s Place is planning to cut about 500 jobs in an attempt to reduce costs under chief executive Mark FitzPatrick.
The company, which has the largest financial advice network in the UK, is consulting staff as part of a broader restructuring to slash £100mn of expenses from the business by 2027, according to a person close to the situation. SJP has around 3,200 staff.
FitzPatrick, who joined SJP last year, said in July that he was aiming to generate cumulative savings of £500mn by 2030, half of which would be reinvested in the business.
At St James’s Place spokesperson said: “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.”
The story was first reported by Citywire.
https://www.ft.com/content/336e7376-510a-49b1-936e-7908d591b22e
