Sesame to axe up to 100 staff
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Sesame Bankhall Group executive chairman Ivan Martin (pictured) has confirmed that up to 100 staff will be made redundant as part of the group’s internal restructure.
Sesame completed its acquisition of Bankhall and PMS in October and conducted the first round of consultation meetings with staff representatives yesterday.
Martin says the three objectives of the business change programme are to remaining customer-focused and competitive and to operate efficiently and profitably.
He says the proposals include plans to combine central services that will be shared across the group, and to incorporate the Sesame mortgage helpdesk into the PMS operation and the Sesame Direct function into Bankhall.
He says: “As well as areas of duplication, our proposals also address the need to put the Bankhall operation on a firmer financial footing. Bankhall has been trading at a loss for some time and we hope people understand that this cannot continue, particularly in today’s tough economic climate.
“Our proposals regrettably mean that there could potentially be up to 100 job losses as a result of bringing the two businesses together and creating a new organisational structure. However, we expect the final number to be lower as a result of people transferring to new roles elsewhere within the business.”
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Readers' comments (8)
Anonymous | 9 Nov 2009 4:37 pm
Hmm how come nobody gets cross when Sesame acquires this, that, and the other, cherry picks the assets and bits it wants and makes largescale redundancies?
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Anonymous | 9 Nov 2009 4:48 pm
I don't know why ANYONE would want to be a Member of this organisation - Sesame is for Sesame and not for it's Members!
Its Service is Over-Priced and its Membership T&C Scheme too prescriptive .... Been there, experienced it (Poor old Bankhall!)
Why not join a decent Network - like Financial Ltd - it's a breath of fresh air and the people working for the Network are decent and very approachable!
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Anonymous | 9 Nov 2009 5:29 pm
A pity Sesame did not mention this a week ago - perhaps then Bankhall might have struggled to justify spending hundreds of thousands on a hugely expensive conference at Wembley.
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George Thorpe | 9 Nov 2009 5:48 pm
As usual, these Networks look after their business and don't give a hoot about their Members
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John Blackmore | 9 Nov 2009 10:24 pm
I disagree that Sesame don't give a hoot about Members or this member at least. If 100 people are not needed then I don't want to pay for them.
Over the next 3 years a large number of Advisers of all persuasions will leave. This means that operations like Sesame will need to cut costs to the bone. If I did have a complaint it would be that they are still spending far too much money on unnecessary services.
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Anonymous | 10 Nov 2009 7:12 am
Sesame has totally lost the plot in recent months, they are under severe pressure from the FSA over their total lack of supervisory activity and are changing the T&C scheme to accomodate the FSA, no backbone to stand up to the FSA no support to members, Only a Policeman for the FSA with Network Supervisors and Network regional Supervisors who most decent IFA's businesses would not employ. When I joined some 10 years ago they tried to be supportive and helpful now they have turned full circle. Ivan Martin said at the national conference last year that you should only introduce additional compliance burdens onto IFA's it will ultimately benefit the consumer. and if not it should not happen. Totally the opposite is happening at Sesame. I for one am leaving as soon as possible. and i have a reasonably large firm
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michael brayne | 10 Nov 2009 10:29 am
Why on earth would any IFA wish to belong to a network? No other professionals are!
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Alan Carpenter | 10 Nov 2009 11:47 am
I can understand people being disallusioned with the Sesame network. I looked at it and it was overpriced. Try joining a proper organisation like PTFS.WeI have recently joined them on their Direct arm and the transition was easy and the benefits great. Simple systems and no over the top compliance. I have previously used their AR proposition and that is a lot cheaper than Sesame and provides excellent service
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