Invesco to Cut Compensation Costs With $200 Million Savings Plan
- CFO says firm is ‘realigning workforce’ to lower-cost locales
- Asset manager reports adjusted earnings that beat estimates
Photographer: Michael Nagle/Bloomberg
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Invesco Ltd. plans to curtail spending on employee compensation as the asset manager aims to save $200 million annually by the end of 2022.
As much as 60% of the expected savings will come from compensation, executives said Tuesday on a conference call to discuss third-quarter results. About $150 million of the expense reductions will occur by the end of next year.