St James’s Place to Cut 500 Jobs in Major Restructuring Plan

The wealth management firm aims to save £500 million by 2030 following a fees scandal and regulatory scrutiny.

St James’s Place, the UK’s largest wealth manager, will lay off 500 corporate staff, representing about 15% of its 3,200-strong workforce.
The job cuts are part of a cost-saving initiative targeting £100 million in annual savings by 2027 and £500 million by 2030.
The redundancies will not affect the company’s 4,800 financial advisers, who operate independently under the St James’s Place brand.
The restructuring follows a regulatory crackdown and a £426 million provision to refund customers for advice failings, including missed financial review meetings.
New CEO Mark FitzPatrick, who took over in October 2023, has received shareholder support for his turnaround strategy, which includes simplifying and standardizing business processes.