On the heels of laying off 5% of its workforce, Amvescap has reorganized its subsidiaries, AIM and Invesco. Mark H. Williamson is now CEO of AIM and John D. Rogers is now CEO of Invesco.
The managed products, institutional, and global divisions will be dissolved, and the Invesco retirement division will be renamed Amvescap.
In tandem with its earnings report last week, Amvescap said it would lay off 5% of its employees, amounting to 500 positions across the company. Invesco Funds Group reportedly expects no job cuts, as the company eliminated 111 positions in June; AIM Funds expects to lose 120 jobs before the end of the year, the first time the company has resorted to layoffs.
