LONDON - Investec Bank is cutting up to 210 jobs across its UK private, corporate and investment banking divisions, Citywire Wealth Manager revealed on Friday.
The redundancies are predominantly being made among its support staff as part of the company’s ongoing restructuring programme, a person familiar with the situation said.
Staff have been put into consultation, with the cuts coming into effect in October.
Investec’s Wealth & Investment arm will not be affected and no further job cuts are planned.
Investec group CEO Fani Titi has been implementing a restructure of the bank since he took the reins in 2018, initially as joint CEO with Hendrik du Toit.
He has sought to simplify and refocus the business, splitting off its asset management arm, which was re-branded Ninety One, in March.
The bank has also implemented a number of cost-cutting initiatives, selling off non-core businesses and merging operational infrastructure.
Investec reported that restructuring costs had reached £94.1m in its full-year accounts for the 12 months to the end of March, published in May. The company said it had made £711m of savings from the measures, but this was not enough to prevent profits falling year-on-year.
Group operating profit fell 16.8% to £608.9m, with profit adjusted for the loss of the asset management business down 24.1% to £419.2m.
Investec declined to comment.