(Bloomberg) -- St. James’s Place Plc is set to cut about 500 roles as part of a broader cost-saving plan, a person familiar with the matter said.
Britain’s biggest wealth manager earlier this year said it aims to save £100 million ($127 million) annually from its addressable cost base by 2027. “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,” a spokesperson said on Monday.
The job cuts, first reported by Citywire, could affect staff across SJP’s roughly 3,200-strong workforce, which includes roles in administration and IT, the person said, declining to be identified discussing internal information. The company’s network of about 4,800 financial advisers isn’t expected to be affected by the plans.
St. James’s Place, which vowed to revamp its fee structure under pressure from regulators last year, said in February that it set aside £426 million in provisions for potential refunds after a “significant increase” in customer complaints.
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