Reuters reports that troubled fund manager Schroders posted a third-quarter loss of £9.4m and is expected to shed further jobs in the coming months.
Chief Executive Michael Dobson said: 'The market was very weak in the third quarter, that impacted us directly.' Funds under management fell by 15% to £87.2bn in the period due to poor performing markets. The firm is expected to cut around 100 jobs in the coming months, taking headcount down to around 2,400.
Schroders posted first-half profits of £25.9m, after returning its first loss for around 42 years last year. Analysts expect the firm to post a profit for this year as a whole.