Euan Blair edtech Multiverse laid off dozens more staff after losses widened Tech An edtech firm founded by Tony Blair’s son Euan laid off dozens more staff after reporting widening losses, its latest accounts show. Multiverse, which was launched in 2016 and hit a valuation of £1.2bn in a 2022 funding round, said it made 55 payments for loss of office in the year to the end of [...]
Clifford Chance AI-driven redundancies hit London business service roles Legal Law firm Clifford Chance is preparing for dozens of redundancies after launching a restructuring of its London business services team. Around 10 per cent of the 550 employees are set to lose their jobs, according to the Financial Times. It was reported that the magic circle firm told staff last month that greater use of [...]
McKinsey slashes 10 per cent of jobs in major overhaul Business Consulting giant McKinsey has unleashed one of the largest job culls in the company’s history after ten per cent of staff faced the chop. The New York-headquartered firm has reversed major expansion plans, which peaked during the pandemic, as it aims to drive profitability. The consulting firm has reduced its workforce to 40,000 over the [...]
Exclusive: Brooks Macdonald makes senior layoffs January 15, 2025 Brooks Macdonald has laid off a number of senior staff, including the firm’s global head of distribution, in a bid to save costs, City AM can reveal. The redundancies from the asset manager were described by one former employee as “pretty brutal”, having occurred in the months before Christmas. The layoffs first seem to have [...]
Retail insolvencies set to surge as Budget bites, experts warn December 30, 2024 A wave of insolvencies could be coming to the retail and hospitality sectors next year as businesses crumble under the tax bill brought on by Labour’s Budget, bosses have warned. Insolvencies and restructuring could rise further over the start of 2025 as firms face increased cost pressures, industry experts have said, with the retail, hospitality [...]
St James’s Place readies redundancies in cost-cutting push December 2, 2024 St James’s Place is set to make around 500 redundancies next year as part of its sweeping cost-cutting plan, according to reports. Around a sixth of the wealth manager’s non-financial adviser workforce are set to be laid off in February, an internal memo, seen by Citywire, revealed. Over the summer, St James’s Place revealed it [...]
Pagegroup: Recruiter ‘managed headcount’ down by 1,000 as profits hit by weak jobs market March 7, 2024 Pagegroup said as a "result of this action on headcount", its gross profit or free earner, which it uses to measure productivity, was 'flat'.