VM Wealth Management Limited (VMWM) will be discontinuing its wealth management operations at three of its locations as the VM Group continues to execute its strategic restructuring programme.

Staff were informed at a meeting on Monday that the cuts will take place at Portmore, Duke Street and Savanna-La-Mar branches, with the latter two locations being opened in late 2020. VM Wealth operates across nine locations.

“Following a detailed, data-led review of client engagement and service usage trends, VM Wealth Management has made the decision to discontinue its dedicated physical presence at these locations. This change will take effect in February 2026,” VM Group told the Jamaica Observer by email.

VM Group highlighted in the email that the affected branches were operated via a single representative in branches controlled by the VM Building Society (VMBS). It also added, “For VM Wealth Management team members affected by this transition, a structured internal process is in place that includes reassignment opportunities, where possible, and targeted support, consistent with VM Group’s commitment to its people.”

VMBS will continue to operate at these locations and thus is not closing branches in the referenced areas.

The VM Group told its members at its July 2025 meeting that it was going to reduce operating costs while supporting strategic growth initiatives. In the subsequent month, 19 staff members at VMBS were made redundant under the first phase of the restructuring programme. Some eight staff members were promoted as they were reassigned or had their roles restructured. VM Group also transferred projects out of VM Innovations Limited into other subsidiaries.

The review process on additional adjustments across the VM Group was expected to be completed by November, but that timeline was pushed back due to Hurricane Melissa. The broader VM Group transformation programme is expected to be completed in the first quarter of 2026, which covers January to March.

The VM Group is aiming to bring down its overarching cost-to-income ratio from 88.5 per cent in 2024 to a near-term target in the mid-70 per cent range. The longer-term goal is to reach a target of 60 per cent. The VM Group had some separations or redundancies in early 2024, with the latest separations part of a plan to be digital-ready and reduce process inefficiencies.

“We are adapting to how our clients now prefer to engage — through flexible, appointment-based services and digital platforms that offer greater convenience and accessibility. This approach allows us to allocate resources in a way that optimises the channels our clients are choosing to use while still ensuring they receive the personalised guidance and support they value,” Rezworth Burchenson, chief executive officer (CEO) of VM Investments Limited (VMIL) and VM Weatlh, explained to the Business Observer.

VM Wealth ramped up the use of its client portal over the last two years, with adoption reaching 50 per cent at the end of 2024. The company discontinued email requests in January 2025 and required several requests be done exclusively through this portal in January 2026. The brokerage firm expects to better support its clients through digital consultations, personalised service channels, and appointments at alternative VM Wealth locations.

VMIL’s net interest income improved 58 per cent to $186.59 million for the nine-month period ending September 2025. However, other operating income declined 15 per cent to $1.61 billion due to the one-time gain from the sale of its interest in Carilend Caribbean Holdings Company Limited not being repeated in 2025. On a normalised basis, VMIL’s net operating revenue grew 13 per cent year on year.

VMIL’s consolidated operating expenses increased 31 per cent to $1.88 billion as it contended with higher staff costs and other operating costs, plus the recognition of an impairment charge on its financial assets compared to a reversal in the prior period. Net profit declined from $647.21 million to $18.08 million.

VMIL’s asset base increased eight per cent during the nine-month period to $32.97 billion, with $22.06 billion in investment securities. Total liabilities was $28.29 billion, with $7.29 billion in borrowings and $18.68 billion in repurchase agreements. Equity/capital was $4.68 billion. The company’s audited financials should be published by March 1.

VMIL has a $2.03-billion bond maturity on June 27 and a $1.93-billion bond maturity on December 27. VM Financial Group Limited, the parent company of VMIL, has a $7-billion preference share maturity on April 28.