Brooks Macdonald has announced that it will cut 55 job roles from the organisation to save annualised staff costs of approximately £4m. The firm will inform its employees today (31 October).
The changes will initially cost Brooks in the region of £3m, which it will exclude from its reported underlying profit.
The firm said the changes, which will be subject to consultation, will not affect its level of services, nor its regional footprint.
Andrew Shepherd, CEO of Brooks Macdonald, said: “As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the Group stronger. Our Guiding Principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.
“I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people.”