Hundreds of jobs in the balance at GAM: Reports

GAM is said to be weighing cuts of 250 to 350 employees as new CEO Peter Sanderson seeks to restore profitability, according to the Financial Times. The FT reported that Sanderson, who left BlackRock to join GAM in September of this year, held a recent company town hall, which left staff under the impression that heavy cuts were inevitable. The cuts could represent more than 40% of staff, with GAM employing 863 staff at the end of June, according to its half-year report. No final decision has been taken on the potential cuts but a source told the FT that losses in the group's bac...