Schroders preparing to eliminate hundreds of jobs: reports

Schroders is planning to cut hundreds of jobs internationally as part of a cost-cutting plan, according to reports by Bloomberg.

It is estimated the job cuts will affect 5% of the wealth manager's workforce around the world, with around 200 posts being affected.

In a statement the company said: "We have a number of initiatives across the group to drive greater efficiencies and generate growth. This includes realigning our resources which allows us to continue investing where we see strategic growth opportunities, in areas such as private assets and wealth management."

In the UK, Schroders has been expanding its wealth management arm, including a recent joint venture with Lloyds Banking Group for high net worth clients.

Schroders, which was founded in London in 1804, has seen its revenues decline since 2017. Deutsche Bank has also cut 5% of its UK workforce this year.