Investec reveals cuts to London HQ workforce

I nvestment banking gi ant Investec has confirmed plans to axe 210 jobs at its London HQ after battling the “challenging economic backdrop”.

The company – which also has bases in Edinburgh and Glasgow – will cut around 13 per cent of its London- based roles to help “simplify and focus the business”.

The UK and South African firm said its performance in the five months to 31 August was affected by lower average interest rates, reduced client activity, and a 22 per cent depreciation of the rand against the pound. Boss Fani Titi however said t he f i rm “proved resilient” despite the impact of lockdowns.

Funding under management grew 14.1 per cent to £ 51.4 billion, while net inflows were positive at £ 391 million. Meanwhile, core loans and advances declined by 1.3 per cent to £ 24.6bn. It also warned that expected credit losses are to remain elevated as it said it does not anticipate paying out an interim dividend.