St James’s Place to cut around 500 jobs, source says

British wealth manager St James’s Place is planning to make around 500 layoffs in the coming months, a source familiar with the matter told Reuters, as intensifying competitive pressures lead the wider industry to trim costs.

The cuts represent nearly a sixth of the company’s workforce of around 3,200 people.

Specialist publication Citywire first reported the news.

The planned redundancies come after St James’s Place’s CEO Mark FitzPatrick, who took up the role last December, unveiled plans to cut £100 million (S$170.5 million) per year from its cost base by 2027, as part of a wider strategy reboot.

“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,” a spokesperson for St James’s Place said.

“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.” REUTERS