Perpetual Limited (ASX:PPT) will reportedly slash employees as part of a 2013 restructure, the costs of which were a contributing factor to yesterday’s full year net profit slide.
CEO Geoff Lloyd says the wealth management company is not prepared to wait for markets recover or the return of investor confidence in pursuing its goal of achieving $50 million in annual pre tax savings from 2015.
As part of the restructure Perpetual has reportedly outsourced a $68 million deal with Fujitsu Australia for its IT requirements, an arrangement that will cut approximately 100 jobs.
Mr Lloyd has already shed 527 employees, removed bonuses and enforced executive pay cuts as part of the restructure which amounted to costs of $22.6 million in fiscal 2012.
Perpetual yesterday reported a 57 percent drop in its full year net profit of $23 million.
PPT Price at posting:
$26.59 Sentiment: None Disclosure: Held
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