Westlake Financial Services has completed a £2bn restructuring and is reducing its debt by £1bn, following a £1 billion restructuring in April.
The company said it had “decided to focus on growth and transformation”.
The company has now “no longer been able to meet the expectations of investors and our management team”.
The restructuring has led to the company reducing its annualised loss to £2 billion, from £3 billion.
The Westlake group said the restructuring was “part of our efforts to ensure we can focus on our core business”.
Westlake said it would invest £1 million to hire 10 more staff to help support the UK’s financial services industry, which employs over 200,000 people across the UK.
The restructuring also means the company will reduce its annual cost of debt by approximately £4.5bn.
The group said it expects to benefit from a reduction in its annual costs of debt, but added that the group will be able to “ensure we maintain our profitability in the future”.
It also announced it was “on track” to return to profitability in 2018, but said it could not make a definitive forecast as it is still in the early stages of the restructuring process.
“We have not yet taken the steps necessary to achieve profitability,” the group said.
Westlake was founded in 2007 by the brothers Michael and Mark Gove.
The couple had been in the financial services sector for over 20 years before starting Westlake in 2007.
The firm was created to support the financial markets and the “wealth management” industry, but also has a role in real estate, mining and energy.
The financial firm is also a leading shareholder in companies such as the BHP Billiton and Royal Dutch Shell.
It is the second largest UK company with £2,500 million of debt.
West Lake is the first British group to go private in the UK since Lloyds Banking Group went private in May last year.
The takeover of Westlake by Bank of America Merrill Lynch and Goldman Sachs took place in November last year, and was the first of its kind in the United Kingdom.