From £6.99 per month
The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares


Join for as low as £6.99 per month

With ShareProphets’ membership, you receive:

• All premium articles

• Tom Winnifrith’s Bearcast

• Access to all the entire nearly 10 year archive

• ShareProphets Daily Newsletter

St James Place shares crash as it sets aside £426 million for screwing its customers and there will be worse to come

By Tom Winnifrith | Wednesday 28 February 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I say this time and time again, in any business there are three key groups of stakeholders: customers, employees and shareholders. In some businesses there is a fourth, suppliers. The basic rule is that you can over-reward one or two key groups by screwing a third but only for so long. In the end you will pay for that screwing. Wealth manager St James (STJ) created a vile culture where staff were given huge bonuses, luxury cruises and more if they screwed customers by getting them to churn their investments and by stiffing them with any charges going. That also allowed the company to pay bumper bonuses. But that business model is not sustainable. And today the chickens started coming home to roost.
Premium content is for paid subscribers only
ShareProphets is reader-supported journalism

Become a member starting at £6.99 per month for all articles, the Bearcast, and our seven year archive.

Subscribe to our newsletter

Daily digest of our latest stories.

Search ShareProphets

Market News

Complete Coverage

Recent Comments

That Was the Week that Was



Anpario – a recovery Buy?...

Thursday »


Bearcast issue update: all should be well



Oracle Power: Cynical Foul

Time left: 05:26:20