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

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

    Legg Mason Cuts 12% of Staff in Revamp as Peltz Joins Board More (Bloomberg) -- Legg Mason Inc., which welcomed activist investor Nelson Peltz to its board this week, is cutting 120 people, or about 12% of staff, and streamlining its executive committee. The cost-cutting steps are “critical to our ongoing growth,” Joe Sullivan, chief executive officer of the Baltimore, Maryland-based asset manager, said in a memo to staff Thursday...

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