OCTOBER 7, 2019 — 1,300 LAYOFF AND COUNTING
According to the Financial Times, “Invesco has cut 1,300 jobs after absorbing smaller rival OppenheimerFunds earlier this year in America’s biggest fund management deal in half a decade. The terminations represent 12 per cent 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.”
Invesco CEO, Martin Flanagan, noted “It was uncomfortable for everybody. But we feel very strongly that we have the best talent.”
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Atlanta, Georgia-based Invesco, an independent investment manager, has announced a major restructuring to accommodate its recent $5.7 billion acquisition of OppenheimerFunds. Therefore it should come as no surprise that the first-round of layoffs, approximately 850 back-office and support employees at Oppernheimer’s Centennial, Colorado offices leaving approximately 150 workers in-place. Work will be transitioned to offices in Houston, Texas or Prince Edward Island, Canada.
According to a spokesperson, the decision was made “to reduce the redundancies as we work toward achieving our cost synergy target of $475 million. While the planned job eliminations are unfortunate, they are an important part of these synergies and achieving the potential of the strategic combination.”
The company is conducting a re-interview effort to select among the best support employees who are being encourage to re-interview for their present positions. The final headcount has not been determined and it is anticipated that activities will be eventually consolidated in Atlanta, Georgia and New York, New York. The offices in Houston, Texas and Downer’s Grove, Illinois remain wildcards.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?