View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
May 27, 2019

Legg Mason trims staff headcount by 120

US-based asset management firm Legg Mason is set to slash 120 jobs in a cost-cutting drive.

The job cuts equate to 12% of the firm’s workforce.

“Today’s staff reductions reflect the necessity, in this evolving industry, to rethink how we deliver on our mission of investing to improve the lives of our clients and other stakeholders,” CEO Joseph Sullivan said in an internal memo sent to employees.

The move will impact staff in the firm’s fund administration, legal, finance and human resources departments.

Investment staff will not be affected.

Majority of the job cuts will be in the US. These include the firm’s Baltimore base, as well as New York and Stamford locations.

The remaining downsizing will be in Europe and Asia.

In addition, Legg Mason is streamlining its executive committee.

Under the plan, global head of marketing and communications Frances Cashman and head of business development Thomas Hoops will depart.

Also quitting are global head of affiliate strategic initiatives John Kenney and chief administration officer Ursula Schliessler.

The latest move comes shortly after Trian Fund Management CEO Nelson Peltz rejoined the Legg Mason board alongside Trian CIO Ed Garden.

Trian holds nearly 4.5% of Legg Mason’s outstanding stock.

For the fiscal year ended 31 March 2019, Legg Mason reported a net loss of $28.5m compared to a profit of $285.1m in the previous year.

The firm’s assets under management at the end of March 2019 totalled $758bn.


Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Private Banker International