Franklin Templeton merges with Legg Mason, with 'minimal cuts' in Singapore
Add BT as a preferred source
Singapore
FRANKLIN Templeton has completed its merger with fund management company Legg Mason at end-July with minimal staff cuts in Singapore, with the US offices absorbing most of the 8 per cent staff layoffs from its combined workforce of about 12,600.
The Business Times understands that fewer than five staff in Singapore were affected out of its headcount of about 140, which means it was not necessary to notify the Ministry of Manpower (MOM). Under MOM guidelines, it is mandatory for employers with at least 10 employees who have retrenched 5 or more staff within any 6-month period to notify MOM of the retrenchment exercise.
TRENDING NOW
Singapore developer in limbo after Timor-Leste’s shock scrapping of major township project
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
US-China summit: Trump sees ‘better’ ties, Xi warns over Taiwan, as talks conclude
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
