Quilter is set to make hundreds of its staff redundant in the coming months as the wealth manager attempts to bring down costs, CityAM has reported.
According to the article, Quilter is poised to make some 400 people redundant, with redundancy packages to be offered in the coming months.
This is on top of the over 200 staff that have already been made redundant since June 2018, when the firm listed on the London and Johannesburg stock exchange via IPOs. So far, areas such as as financial advice and HR have been affected by redundancies.
As more processes are now completed online, we have made a reduction in headcount in back office roles."
CityAM said staff working on the platform side of the business are more at risk of future redundancies, as the business's new platform becomes more automated after its £500m re-platforming.
A spokesperson for Quilter said: "We have spoken for some time about our focus to deliver an improvement in Quilter's operational performance and ensure the business is lean, agile and well set for the future. Our Platform transformation was a critical programme to help the business become simpler and more streamlined.
"As more processes are now completed online, we have made a reduction in headcount in back office roles. We have worked closely with our people to prepare them for the future, being open and transparent about a reduction in roles following our platform transformation and have put in place a support programme that focused on retraining and taking control of change and wellbeing."
Quilter has not confirmed these numbers but, if true, could mean approximately 10% of its workforce would leave the business.
"We remain committed to supporting all customers and advisers and we retain one of the largest support teams in the UK. We've enjoyed strong new business flows following the platform upgrade and our service centre is recruiting in order to ensure advisers continue to receive the high standards of service they expect from us," the spokesperson added.
The firm has also not confirmed if the redundancies will impact staff in investment roles.
First published by our sister title Investment Week