Octopus Group has placed a number of roles at risk of redundancy as it reshapes its retail sales and consumer team.
Some 16 sales managers and business development managers have been told their roles are at risk, and encouraged to apply for 12 newly-created positions.
A spokesperson for the company said it is changing the teams to “better position the business” to unlock its growth ambitions.
“We are implementing a structure to strengthen our regional focus for clients and personal development and career progression opportunities for our team,” they said.
“We will work closely with any employees who are impacted by the changes and do our best to support them in finding new opportunities.”
The news comes a month after Octopus Investments appointed Benjamin Davis, former chief executive of Octopus Real Estate, as its new chief executive.
Davis succeeded Ruth Handcock who will remain with the Octopus group and on the Octopus Investments board.
Handcock, who held the role for four years, will support Davis through a transition period in an advisory capacity before taking on a new role focused on helping “more people get access to help with their money”.
Octopus said in a statement that Handcock will continue to report to group chief executive, Simon Rogerson and chair for Octopus MoneyCoach, Seccl, and Guardian Angel.
Davis takes on the role having been with the Octopus Group for 12 years.
sally.hickey@ft.com
