Nearly 60 jobs lost at Rathbone Brothers in Glasgow

The 58 positions are back office roles which were duplicated with the acquisition of the Glasgow-based firm, The Herald reports.

In a London Stock Exchange statement, Rathbones said “planned reductions in headcount following the successful integration of Speirs & Jeffrey into the group will take effect in early 2020”.

Chairman Mark Nicholls said: “2019 may well be remembered for political reasons more than any other, but investment markets finished the end of the year strongly.

“Our own funds under management and administration increased 14.3% to £50.4 billion, up from £44.1bn on 31 December 2018, as we continued to focus on providing a quality service to our clients and worked hard to bring Speirs & Jeffrey fully into Rathbones.

“Profit before tax for the year totalled £39.7m – against £61.3m in 2018 - and reflects anticipated costs associated with the acquisition of Speirs & Jeffrey.”