Banking giant Investec has confirmed plans to axe 210 jobs from its London headquarters amid a ‘challenging economic backdrop’.
The firm said it will slash around 13 per cent of roles in the capital in order to help ‘simplify and focus the business’ amid the pandemic.
Investec added its performance in the five months to August 31 was impacted by lower average interest rates, reduced client activity and a 22 per cent depreciation of the South African rand against the pound.
Fani Titi, chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during this turbulent period.
However, he added that the business had ‘proved resilient’ despite the impact of lockdown in the first quarter before economies slowly started to reopen.
A spokesman added: ‘The strategy was set prior to Covid-19 but the crisis has also