A communication from the newly merged group sent to staff says that the job losses come as a result of the restructure of the Sesame, PMS, and Bankhall businesses.
The consultation process began yesterday with meetings with staff representatives from Bankhall and Sesame.
The company says it is working with staff committees in order to reach an agreement over the proposed restructure of the business.
Discussions of a merger between Skandia UK, parent of Bankhall and PMS, and Sesame were first announced on June 30 with the tie-up finalised on October 16.
In the document sent to staff advising them of the proposed job cuts Ivan Martin, executive chairman of Sesame Bankhall, says : “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.”
Martin says that the company want to establish “an efficient organisational structure that will enable Sesame Bankhall Group to be successful in the future.”
But he says there is an element of duplication that comes when bringing two large businesses together.
As a result the group plans to combine a number of central services that will be shared across Sesame Bankhall Group, and also plans to incorporate the Sesame mortgage helpdesk into the PMS operation and the Sesame Direct function into Bankhall.
Sesame Bankhall also is keen to put Bankhall on a “firmer financial footing,” as Martin says that Bankhall has been trading at a loss for some time.
Martin adds: “We also want to assure people that we have not rushed into these proposals.
“They are based on plans that were being developed by Bankhall’s own board and senior management team, as they too recognised the need to address Bankhall’s cost base.”