Invesco has slashed 1,300 jobs following its acquisition of OppenheimerFunds, the Financial Times reports.
The terminations represent 12% of the combined headcount of Invesco and OppenheimerFunds based on staffing levels at the end of 2018. The cuts include 850 staff from a single OppenheimerFunds office in Denver that focused on administrative functions.
In an interview with the FT, Invesco CEO Martin Flanagan said that the decision to reduce the number of staff had been "uncomfortable".
It was uncomfortable for everybody"
"It was uncomfortable for everybody," Flanagan told the FT. "But we feel very strongly that we have the best talent," he added.
The Atlanta-based fund house is on track to reduce expenses by around $400m by the end of the year, partially as a result of the layoffs.
The cuts come after Invesco agreed to acquire MassMutual-subsidiary OppenheimerFunds for $5.7bn in October 2018. Eight fund managers, former OppenheimerFunds employees, are said to be set to leave following the acquisition.
The deal expanded Invesco's assets under management by about one-third to $1.2trn, making it one of the top 15 largest fund groups globally.
In May 2019 Invesco announced it would add 500 jobs at its global headquarters in Atlanta.
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