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St James's Place to cut around 500 jobs, source says

St. James's Place, a British wealth manager, is set to reduce its workforce by approximately 500 jobs, which constitutes about 8% of its total staff, according to a source familiar with the matter. This decision comes as the company aims to cut costs following a significant drop in its share price, which has fallen by nearly 60% over the past year. The layoffs are part of a broader strategy to streamline operations and improve efficiency amidst challenging market conditions. The company has not officially confirmed these job cuts but has previously mentioned plans to reduce expenses. This move is also influenced by regulatory changes and increased competition in the wealth management sector.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/st-jamess-place-cut-around-500-jobs-source-says-2024-12-02/ ]