Unfortunately for everyone concerned, it looks like one of our predictions is coming true.
In January, we said the future didn't look too good for people working at Citigroup Asset Management Europe. Today, GlobalMoneyManagement.com reports that Citigroup Asset Management is making 70% of its UK workforce redundant.
The cuts are said to effect over 100 sales and marketing professionals at the company. They follow an alleged decision to consolidate fund management and distribution teams, but to discard the sales and marketing team at Citigroup Asset Management following its acquisition by Legg Mason last December.
GlobalMoneyManagement.com says the departures are being staggered, with people leaving on Jan. 31, March 31 and June 30.
It didn't take a great deal of prescience to foresee the cuts. At the end of last year, it emerged that Legg Mason had set aside $30m (€25m) to cover the cost of redundancies.