Citywire printed articles sponsored by:
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 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.
News sponsored by:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
More from us
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
by Dylan Lobo on May 16, 2013 at 16:17