US asset managers are launching their second wave of job cuts this year, with Charles Schwab, Prudential and Invesco each announcing cost controls amid a flight of customers into safer investments with lower fees.
Schwab and Prudential have in recent days divulged plans to cut about 2,000 and 240 positions, respectively. Invesco last month reported severance and reorganisation expenses of about $39mn in the third quarter of 2023 — about twice as much as expected — while posting a marginal drop in headcount.
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