Franklin Resources of San Mateo, Calif. will cut the salaries of its employees who earn more than $200,000 a year by 10% and will cut the salaries of employees who earn less than $200,000 by 5%, according to a report appearing in today’s Wall Street Journal.

The cuts were first reported by company officials during a conference call with investors last week. The cuts will be reviewed in six months, according to the Journal report.

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