Coutts is to cut 80-100 front office jobs from
its UK operations as it refocuses its wealth offering in
preparation for the Retail Distribution Review (RDR).
Coutts said that they are reshaping their
business in the UK, placing greater emphasis on wealth management
as a response to client demand and the RDR.
A spokesperson for Coutts told PBI
that this represents the second stage of the bank’s long term
strategy.
Rebalancing of client
service
The first stage of this strategy saw Coutts
restructure its senior management in September 2011, involving the
appointment of six regional managing directors.
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By GlobalDataThe spokesperson added that under the new
structure clients will be serviced depending on their
needs.
Private bankers will lead the servicing
of clients interested in areas such as delivery of credit,
regulated mortgages and deposit and current account services, with
support from wealth managers and specialist staff.
Wealth managers will lead the servicing of
clients, likely to those in the £1-10m band, requiring
more specific investment needs such as tax structuring,
pension advice and trust and state planning, supported by private
bankers.
All clients will continue to have access to
specialist advisers.