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Legg Mason Cuts 12% of Staff in Revamp as Peltz Joins Board

  • Four top executives are among those leaving asset manager
  • BlackRock, State Street and AQR also announced reductions
Nelson Peltz
Nelson PeltzPhotographer: Patrick T. Fallon/Bloomberg
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Legg Mason Inc. is cutting 120 people, or about 12% of staff, and streamlining its executive committee just days after adding investor Nelson Peltz to its board.

The cost-cutting steps are “critical to our ongoing growth,” Joseph Sullivan, chief executive officer of the Baltimore-based asset manager, said in a memo to staff Thursday.