The embattled wealth management group St James’s Place pleased investors with plans to prune its costs by £500 million over six years and fresh evidence that it is gaining new clients.
Shares in the company lifted by almost a quarter on Tuesday after it outlined plans to reduce its expenses by £100 million a year and double its cash profits by 2030.
It declined to comment on the number of job losses among its 2,300-strong workforce, most of whom work in Cirencester, but it is thought likely that a few hundred positions will be lost over time.
“There will undoubtedly be some element of people impacted,” said Mark FitzPatrick, the new chief executive, but technology and operational changes would produce some of the savings.
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