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.