UK - Hewitt Bacon & Woodrow has made seven members of its investment consulting staff redundant.
Industry sources revealed that both senior analysts and junior consultants are being laid off as part of a “cost-cutting exercise”.
Investment consultants Vathani Rajayogeswaran and Steve Downs are two casualties of the restructure.
It is believed that Hewitt was forced to release some of the people it had hired to work on government reviews, such as the Myners report, because this type of work was “drying up”.
The sources insisted the departures were not linked to the merger of Hewitt Associates and Bacon & Woodrow, which was finalised last year.
Hewitt human resources director Paula Cook – who confirmed redundancies at the investment team – said: “It has become evident that we needed to rebalance the available skills in our investment consultancy.
“In recent months, we have streamlined our processes to produce a more systematic provision of data for our clients.
“Regrettably, we have also seen a changed requirement for purely the provision of information and it is in this area the seven redundancies have come.”
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