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?