St James's Place  

SJP to cut 200 jobs

SJP to cut 200 jobs
 Andrew Croft, chief executive at SJP

St James's Place looks set to make 200 redundancies following an internal review at the advice giant. 

FTAdviser understands SJP began a review of its "strategic priorities" at the beginning of last year, including a development of technology within the company. 

In a statement chief executive Andrew Croft told staff: "Over the coming months we’ll be simplifying where we can, removing duplication of work, and stopping those tasks we no longer require.

"And 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. And where this isn’t possible we’ll provide support, guidance, and people to talk to."

Mr Croft said it was a "very tough decision to make" but it was needed for SJP to "continue to be successful in the months, years, and decades ahead".

In financial figures published last year SJP reported its inflows had dropped by a third last summer amid the "challenging external environment" of the ongoing coronavirus crisis. 

Mr Croft said: "To remain leaders in our market it’s vital we’re an agile and dynamic business – flexing to the changing needs of the partnership and clients.

"Whilst in coming years we’ll continue to grow the investment in our business, we need to make focused decisions on where and how we use this resource. Making sure we have the right people focused on the right things." 

FTAdviser understands the decision to make job cuts at SJP was not linked to complaints made by an activist shareholder late last year, with the internal review at the company beginning months before the open letter was published by PrimeStone Capital.

In October PrimeStone wrote to SJP warning of a "bloated organisational structure" as it called for an overhaul of its costs to improve investor returns. 

Since then the shareholder, which owns 1.2 per cent of SJP's stock, has praised the advice giant for "productive and constructive dialogue" around its costs and operating model.

rachel.mortimer@ft.com