GAM to cull 140 jobs by 2017 in cost-cutting push

Profits nearly halve in H1 2016

Anna Fedorova
clock • 1 min read

Swiss-listed asset manager GAM is planning to cut 140 jobs by next year in an effort to reduce costs and boost profits amid an overhaul of its operations first announced last year.

According to the Financial Times, the group plans to make 140 positions redundant by 2017, including some of its IT staff, as it seeks to "streamline its front-office systems". The job cuts were first announced as part of a structural overhaul the firm embarked on last year, with the process already underway. Alexander Friedman, CEO of the asset manager, told the FT the firm has already cut 60 jobs, so the total number of redundancies is likely to equal 200. The reduction in staff numbers is the result of the group outsourcing its back and middle office operations to State Street, ...

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