Schroders chief financial officer Meagen Burnett said a £150m cost-savings target unveiled by the FTSE 100 asset manager will lead to lower headcount across the group this year, but stopped short on providing an overall figure regarding job cuts.

“We have 6,300 employees today. And we will definitely have fewer employees later this year,” said Burnett during a presentation accompanying a strategy update at Schroders on 6 March.