This represents about one-sixth of its 3,200 corporate employees. The decision comes after, earlier this year, the firm set targets to save £100 million per year for the next two years and achieve £500m in savings by 2030, Citywire reports.

These measures were initiated by new chief executive Mark Fitzpatrick as part of a broader strategy shake-up. The firm’s 4,800 financial advisors, who operate as independent businesses under the St James’s Place umbrella, will not be affected by the redundancies.

St James’s Place said: “At our half-year results in July, we committed to saving £100m per year from the addressable cost base by 2027.

“Our plans are focused on simplification and standardisation of processes, but a programme of this size and scale will inevitably impact colleagues.

“We have begun consulting with colleagues to share our proposal for how this might impact roles, the outcome of which will not be known until next year.”