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Brooks Macdonald to cut 50 jobs to improve efficiency

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Brooks Macdonald to cut 50 jobs to improve efficiency

Brooks Macdonald is to cut around 50 jobs in an efficiency drive.

The job losses will mainly be felt in administration and IT and are expected to yield £4 million in savings on a £3 million restructure. 

Brooks chief Caroline Connellan (pictured) said in a statement: 'We regret the need to make redundancies, and those people who leave the business will do so with both our thanks for their contribution and our best wishes.' 

The wealth firm is in the process of informing staff of its proposals. It said its services and locations will be unaffected by the changes.

In annual results in September, Brooks said efficiency savings would be a principal focus this year. It accompanied this with news it had taken a £2.5 million hit on 'obselete' tech. 

It said it had identified a range of opportunities to streamline and remove duplication from core processes – for example, by centralising client account opening and client reporting.

'As part of the next phase of our strategy, as outlined at our annual results, we are focussed on driving medium term margin improvement as well as making Brooks Macdonald easier to deal with for both clients and advisers,' Connellan added. 

'The changes we are announcing will make us more responsive to changing client and adviser needs, and help deliver greater value from our future growth.' 

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