The redundancies will take effect over the next 12 months.The company says it wants to build future business around wealthy clients based mainly in the Middle East, Asia and Africa.
It intends to outsource more work to low-cost locations like India, invest in new systems and products, and focus client relationship teams geographically closer to customers with an average wealth of between $1 million and $5 million.Policy and Resources president Senator Frank Walker has described the decision as a ‘blow’ which is to be regretted.
