Embattled Swiss fund manager GAM is set to cut a number of jobs as interim CEO David Jacob looks to restructure the firm's equity and bond divisions just one month after taking on the role.
According to Swiss news agency AWP, GAM will cut 18 fund manager positions, 14 in Zurich and four in London, as the firm looks to find ways to cope with recent damaging events. GAM confirmed the resturcturing of the investment teams to Investment Week, but declined to comment on the total number leaving the business. The news comes after it was revealed last month GAM was set to cut around 10% of its 188 investment staff. In an memo to staff, Jacob said: "By consolidating some teams we will be better able to deliver scalable products to our clients worldwide. This will mean that a ...
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