Charles Stanley, a UK-based wealth manager and stockbroking firm, is reportedly planning to slash a fifth of its equity dealers in London.
The group is set to fire five of its 25 London-based equities dealers and added that the job of six other workers at the desk also at risk, reported The Telegraph.
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The job cuts would come from Charles Stanley’s dealing room, used by investment managers to execute stock market trades.
Te publication reported that the job cull comes after the firm reported a 33% fall in pre-tax profit for the 12 months ending March, to £6.1 million, in spite of registering a 17% growth in revenues to £149 million.
Sir David Howard, the brokerage’s chairman, said that earnings had been affected by significant cost and investment in our future.
In 2014, the group had acquired a number of investment management teams and had also launched its web-based Charles Stanley Direct service.
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By GlobalDataWith £20 billion of funds under management, the group has 33 offices across the UK.
