Schroders Cuts Heads In Private Banking

Rupert Caldecott, the international head and UK managing director David Rowe have both resigned.

It is also reported that the private banking workforce has now been reduced to around 130, following the culling of four relationship managers and 12 other staff.

A spokesman for Schroders said: 'We have a new management team. They have had a look at all the businesses. One they looked at was private banking. They decided that this is going to form a key part of our strategy but needs to have its cost base in the UK adjusted.'

Bussey has been with Schroders only 13 months.