InvestecSep 14 2020

Investec culls hundreds of jobs amid restructure

Search sponsored by
Investec culls hundreds of jobs amid restructure
ByRachel Mortimer

Investec is set to cut 210 jobs amid a wider restructuring at the business. 

FTAdviser understands the majority of job losses will be in support roles but the Wealth and Investment division will be spared any cuts. 

It is part of the company's ongoing restructure which included the spin off of its asset management arm, which demerged in March and rebranded as Ninety One.   

The demerger cost £10.9m, mainly as a result of rebranding and network migration expenses.

The bank's South African business will also be unaffected by the job cuts and FTAdviser understands no further redundancies are planned. 

Changes at the company have already seen its UK bank leadership integrated, with the divisions of Investec Private Bank and Investec Corporate and Investment Banking no longer in existence. 

Investec employs 3,156 people in the UK, meaning the planned redundancies account for 6 per cent of its domestic workforce.