Britain’s largest financial adviser St. James’s Place (SJP) plans to make 200 roles across its business redundant in the coming months.
In December, an SJP spokesperson told The Times that the advice giant endured a ‘challenging year’ due to Covid-19 and, as a result, planned to scrap its annual bonuses after missing performance targets.
In a statement sent to our sister title New Model Adviser, SJP has now confirmed that CEO Andrew Croft (pictured) this week told the business’s employees that 200 UK roles would be made redundant as a result of an internal review.
‘At the beginning of last year, we started a review of how we’re organised to deliver against our strategic priorities. We are making sure we have our investment, resources and people in the right areas to drive our business forward,’ he said.
‘Over the coming months we’ll be simplifying where we can, removing duplication of work, and stopping tasks we no longer require. Unfortunately, this also means a loss of around 200 roles from across the SJP business. Wherever possible in the process we’ll look to redeploy people to roles where their skills are aligned. Where this isn’t possible we’ll provide support and guidance.
‘This was a very tough decision for us to make, but one that’s needed for SJP to continue to be successful.’
In October, SJP’s minority backer, PrimeStone Capital, called on the wealth giant to conduct an in-depth cost review, saying its ‘high-cost culture’ prevents it from delivering ‘meaningful value’ to shareholders.
It is understood that the 200 planned redundancies at SJP are not connected to PrimeStone’s request.
SJP shares are currently trading at £11.78.