Kleinwort Hambros to make up to 70 redundant in cost-cutting push

Alexandra Newlove, 23/10/2020

Kleinwort Hambros is set to make up to 70 staff redundant as part of a cost-cutting drive under its new leadership, we can report exclusively.

A Kleinwort Hambros spokesperson said that following a dedicated review to deliver “more sustainable and profitable growth”, the bank had proposed a cost reduction plan which would reduce headcount. Impacted staff were currently going through a consultation process.

“Kleinwort Hambros’ underlying business is well-positioned for growth and it remains committed to its clients in the UK, Gibraltar and the Channel Islands,” the spokesperson said.

“The business has delivered strong investment performance whilst maintaining a robust capital position well above regulatory requirements, despite the weakness in the economy.”

Mouhammed Choukeir, Kleinwort's chief executive

The cost-cutting drive comes under chief executive Mo Choukeir, who took the top job in April, succeeding John Maitland. Mr Choukeir joined what was then Kleinwort Benson in 2011, and was deputy chief executive and chief investment officer before his April promotion.

Kleinwort Hambros, owned by Société Générale (S...

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