Octopus Investments, which manages £14.6bn in assets under management, is set to put 130 of its 600 roles at risk of redundancy, as it aims to streamline and simplify its business to keep up with a changing world.
The news, which was first covered by The Telegraph on 25 March, revealed the moves were intended to modernise the organisation as it has ramped up spending on technology.
The roles up for redundancy are understood to be primarily in back-office roles in Octopus Investments, rather than across the wider Octopus Group.
A spokesperson from the firm said: “The world around us is moving faster than ever, and businesses that stand still risk falling behind.”
The spokesperson added: “While we are a profitable and diverse business with healthy cash reserves, we’ve made the difficult, but necessary decision to ensure we are a simpler business that can respond to the pace of change in today’s world.”
