(Alliance News) - Schroders PLC plans to cut as much as 3% of its workforce, as new Chief Executive Officer Richard Oldfield looks to revive the UK’s largest standalone asset manager, Bloomberg reported on Thursday.
According to Bloomberg sources, the firm is cutting about 200 jobs that are mostly in technology.
This is one of the first major changes from Oldfield, who took over from long-time CEO Peter Harrison in November.
"Our priority is to reposition the business at pace, as we transition to growth," a spokesperson for the London-based firm told Bloomberg in a statement.
The cuts will help Schroders, which managed GBP774 billion of assets as of June 30, "improve delivery and ensure we are well-placed to meet our 2025 objectives, which are centered on reinforcing our active investment proposition," the spokesperson added.
Shares in Schroders closed 1.1% higher at 320.80 pence each in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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