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View the article online at http://citywire.co.uk/wealth-manager/article/a654813

Brown Shipley cuts jobs in ‘lean and mean’ drive

by Annabelle Williams on Jan 31, 2013 at 10:30

Brown Shipley cuts jobs in ‘lean and mean’ drive

Brown Shipley has made 30 redundancies as part of a drive to reduce its headcount by 15% and make the business more ‘lean and mean’.

The private bank and wealth manager has made the redundancies across its investment management, private banking and business development teams. A number of back office jobs were also lost.

Staff were cut from each of Brown Shipley’s five offices, and a source said the aim was to reduce headcount by 15% through voluntary redundancies. Brown Shipley said it had 231 staff in its most recent set of accounts up to the end of December 2011, and the loss of 30 would equate a 12% reduction in its workforce. 

A senior source inside the business said the staff cuts were ‘about getting lean and mean’.

‘It’s nothing on the scale of the big banks,’ he said. ‘Some of it was slack capacity and some of it was excess.’

Despite the redundancies, the firm has also recently made a number of high level hires and restructured its management team with the aim of following through on ‘ambitious’ expansion plans.

Mike Smith and Andy Ramsden have been taken on from Coutts, joining the Manchester office as private client directors.

The bank also appointed Julian Hardiman (pictured) to a newly created head of private banking role, and named Peter Stiles as head of the Manchester office.

Anne Brookes was promoted to lead the Birmingham office and Charles Fotheringham named Edinburgh head.

Brown Shipley was unable to comment.

2 comments so far. Why not have your say?

Teddy

Feb 01, 2013 at 10:21

More wind and bluster from Brown Shipley Executive on the old chestnut, expansion.

If my memory is correct back in 2009/2010 BS had 225 staff recorded at a time when they were seeking to expand across the UK so the 231 shown to Dec 2011 is a net increase of 6. Some expansion, now contraction - I rest my case. It's about time the Exec took a long hard look at themselves as they seem to be floundering in the decision making areas despite earning top dollar for doing so.

They have stood still in the last 3 years and that being the case appear to be going backwards!.

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Kevin via mobile

Feb 03, 2013 at 16:55

They are not called Brown and Slippery for nothing. Slipping back not forwards. Time for introspection Sackers?

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