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Brooks Macdonald Group PLC on Tuesday said it will cut 55 roles as it bids to cut costs and ‘respond to evolving market dynamics’. The London-based wealth manager said it expects the measures to result in an annualised staff cost reduction fall of around £4 million. It expects to incur one-off costs of £3 million as a result of the measures. Brooks Macdonald said around 55 roles in the company will go. ‘As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the group stronger. Our guiding principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process,’ Chief Executive Officer Andrew Shepherd said. ‘I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people.’ Shares in the company traded 0.4% higher at 1,786.60 pence each in London on Tuesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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