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UK News Investec to slash 210 UK banking jobs

12:00  18 september  2020
12:00  18 september  2020 Source:   pressassociation.com

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Investment banking giant Investec has confirmed plans to axe 210 jobs at its London headquarters after battling the “challenging economic backdrop The UK and South African firm said its performance in the five months to August 31 was impacted by lower average interest rates, reduced

Investec said performance throughout lockdown impacted by reduced activity. Investec added its performance in the five months to August 31 was impacted by lower average interest rates And last month Natwest Group announced it too was cutting 550 jobs in branches across the UK and closing

a large clock mounted to the side of a building: Investec said it will cut 210 London jobs (Philip Toscano/PA) © Philip Toscano Investec said it will cut 210 London jobs (Philip Toscano/PA)

Investment banking giant Investec has confirmed plans to axe 210 jobs at its London headquarters after battling the “challenging economic backdrop”.

The company said it will cut around 13% of its London-based roles in order to help “simplify and focus the business”.

The UK and South African firm said its performance in the five months to August 31 was impacted by lower average interest rates, reduced client activity and a 22% depreciation of the rand against the pound.

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The UK and South African broker and asset manager also said that it is unlikely to pay dividend to investors for the half-year, in line with guidance suggesting banks not to pay dividends during the crisis. © Provided by This Is Money Job cuts: 210 staff at Investec offices in Gresham Street in London face

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Fani Titi, chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during the period.

However, he added that the business “proved resilient” despite the impact of lockdowns in the first quarter before economies slowly started to reopen.

Investec said that funding under management increased by 14.1% to £51.4 billion, while its net inflows were positive at £391 million.

Meanwhile, its core loans and advances declined by 1.3% to £24.6 billion for the period.

The firm told investors it reduced its operating costs following the pandemic as management aimed to tighten its “controllable costs”.

It also said it now expects net asset value per share to increase to between 422p and 428p by the end of September, up from 414.3p at the end of the previous financial year.

However, it warned that expected credit losses are to remain elevated as it said it does not anticipate paying out an interim dividend.

Mr Titi said: “Capital and liquidity ratios remain robust and are expected to be stable.

“The business is well positioned to support its clients through this challenging environment.

“We will continue to ensure the safety and wellbeing of our people and the integrity of our balance sheet.”

Palaces charity that runs Kensington Palace is set to axe 145 jobs .
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