Brooks Macdonald has unveiled plans to slash 50 jobs in order to improve margins in the medium term and drive future growth. The move, which is subject to consultation, will mainly impact administration and IT functions. The changes are expected to have a one-off cost of £3 million, which the firm will exclude from its reported underlying profit. Through the move, the firm anticipates £4 million in annualized cost savings. The wealth manager said that the headcount reduction will enable it to respond to changing preferences of clients and advisers and make it easier for advisers to conduct business with the firm.