San Mateo, California-based Franklin Resources, a major asset management and investment advisory firm, has disclosed its intention to acquire rival Baltimore, Maryland-based Legg Mason, an investment and asset management firm for $4.5billion, at the behest of activist Nelson Peltz’s Trian Partners.
Franklin Templeton plans to cut around 8% of its combined workforce after the acquisition closes. Approximately 800 employees will be immediately impacted.
Like all such acquisitions, look forward to more restructuring, elimination of duplicate functions, consolidation of operations, and the type of cost-cutting that drastically affects headcounts.
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?