AM I NEXT? NO LOVE AT FRANKLIN TEMPLETON (02/18/25)

FEBRUARY 18, 2025 — 300 EMPLOYEES TARGETED

The company is laying off 3% of its personnel, or approximately 300 employees companywide, after months of significant outflows from its bond subsidiary Western Asset Management following charges from the Department of Justice and the SEC.

According to a spokesperson, “To continue to invest in our long-term growth initiatives and evolve for the future, we need to find savings and remain focused on our effectiveness and efficiencies.”

DECEMBER 17, 2021 — Original post…

San Mateo, California-based of Franklin Templeton, a major investment advisors and asset managers has announced the continuation of its restructuring and cost-cutting activities and will be laying off 175 employees, including 117 client representatives and client specialists in its Saint Petersburg office. Layoffs are scheuled by January 31, 2022.

The decision was driven by the cost savings that will accrue from outsourcing some operations to Jacksonville, Florida-based FIS, a third-party financial technology-based processing and payments company.

According to a company spokesperson, "The decision was made in part because of its purchase of the investment firm Legg Mason. We have made it a priority to move the combined firm to a single transfer agent platform, which will allow financial professionals and fund shareholders to purchase and exchange all of our funds with ease.”

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?

AM I NEXT? NO LOVE AT KELLER MORTGAGE

Dublin, Ohio-based Keller Mortgage, the lending arm of the nation’s largest real estate franchisor by agent count and an automated originator of mortgage loan programs, has announced that it will be addressing the over-hiring issue that saw the rapid expansion of its workforce and payroll by laying off 150 new recruits, approximately one-third of its newly hired associates. Many of whom were remote workers.

According to a company spokesperson, the hiring program “was a way to support significant anticipated business volume and cultivate talent within Keller Mortgage to create a pipeline of future experts who would be trained for more independent and specific roles in mortgage fulfillment, like processing, underwriting, and closing.”

“When we make really tough decisions that affect people, it doesn’t come without serious consideration and contemplation. This decision was difficult for everyone because it involved people — their jobs, careers, and lives. We don’t take that responsibility lightly.”

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?

AM I NEXT? NO LOVE AT PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY

Harrisburg, Pennsylvania-based Pennsylvania Higher Education Assistance Agency, a quasi-governmental agency that administers several state-level and national-level higher education student financial aid programs, has announced that it is not pursuing another extension of its original federal student loan servicing contract when it expires on December 14, 2021.

The refusal to seek a renewal of a government loan servicing contract will impact hundreds of servicing employees.

According to Pennsylvania Higher Education Assistance Agency president and CEO James Steeley, he advised federal officials that the company will not seek another extension to the 10-year student loan servicing contract that expired in 2019 and has been extended several times during the past two years.

“In the 12 years since PHEAA accepted the terms of its federal servicing contract, the federal loan programs as managed by the U.S. Department of Education have grown increasingly complex and challenging while the cost to service business increased dramatically. We still have other business lines that are robust and growing. It’s not a situation where PHEAA is going away nor is its revenue-generating ability. We’re just refocusing on our core public service mission for Pennsylvania.”

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?