St James's Place PLC (LSE:STJ) has pulled the trigger on a share buyback worth up to £32.9 million - in a rare piece of good news for investors in the wealth manager, which has been mired in mis-selling controversy.
The stock repurchase programme was first mentioned in the company's half-year results last month, which also revealed an ambitious £500 million cost-cutting target by 2030.
It marks a positive step for Mark FitzPatrick, who became CEO in December and faced early challenges, including a post-tax loss and a dividend cut due to setting aside £426 million for customer refunds related to past complaints.