Interim chief executive Stephen Welch, informed staff of the plans to overhaul its current operating structure in an email this morning, according to reports.

The firm is planning to cut its Singaporean office and offices in the Nordics, Spain, Italy and France, in order to focus on the UK, Australia, New Zealand and the United States of America as its core markets but its office in Brno, Czech Republic will remain open. It comes after it sold off its businesses in Luxembourg and Germany, earlier this year

It is understood there will be a significant number of job losses as a result of the plans. FNZ said in a statement: “The group’s executive committee, with the full support of FNZ’s board, is now accelerating the transformation plan to address FNZ’s performance and fulfil the Group’s commitment to serving its clients sustainably with greater operational and commercial discipline.

“To do so, FNZ is strengthening how client work is scoped and priced to ensure client commitments are aligned with the resources required to deliver them, strengthening ownership of customer relationships and delivery of market-leading product.

“Investment is being directed towards a clear product roadmap and a defined suite of products and capabilities that can be delivered consistently at scale.

“To support FNZ’s commitment, the group is reducing its global and regional overheads, narrowing its geographic footprint and reducing headcount. Together, these measures will reduce complexity and increase cash generation, in turn improving financial performance.

Stephen Welch, executive group chair and interim chief executive, said: “FNZ’s fundamentals are strong and the changes we are making will ensure the Group is a sustainable business for the benefit of all stakeholders.

“By transforming our organisation with the support of our colleagues and clients, we will address the complexity, cost and operational challenges that have come with scale. With greater urgency, we are improving how we operate and focusing our resources more effectively.”

“Our goal is to build a stronger FNZ that delivers consistently for clients, gives us the financial strength to invest for the future and create lasting value.”