Gloucestershire wealth manager "to cut 500 jobs"

Cirencester-headquartered wealth management company St James’s Place is to make about 500 jobs redundant as part of a £200 million savings drive, according to reports.

The company is aiming to cut about a sixth of its 3,200 corporate staff, according to Citywire.

Earlier this year chief executive, Mark FitzPatrick, said the company would make £100 million in cuts over the next two years,  in cost cuts a year for the next two years, and aims to achieve £500 million in savings by 2030.

The redundancies should not affect the company’s 4,800 financial advisers who run their own smaller firms under the St James’s Place umbrella.