The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66.19 - Other activities auxiliary to financial services, except insurance and pension funding
200 jobs Number of planned job losses
Announcement Date
12 January 2021
Employment effect (start)
Foreseen end date
Description
St James’ Place (SJP), the UK-based multinational wealth management firm, has confirmed that it will make 200 jobs redundant in the UK in early 2021. The redundancies will not affect the company’s advisers. Voluntary redundancy and redeployment will be offered to the affected staff.
The CEO said the main objective of the restructuring was to save costs by ‘simplifying’ the organisation after an internal review. He added that although it was a ‘very tough decision’ to cut jobs, it was necessary to ensure the company’s continued success.
SJP was founded in the early 1990s and it currently has over 700,000 clients. SJP is the largest financial adviser in the UK, and the company also has offices in Hong Kong, China, and Singapore.
Eurofound (2021), St James' Place, Internal restructuring in United Kingdom, factsheet number 103200, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103200.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
