BOSTON, Sept 11 Legg Mason Inc on
Wednesday said reorganization steps will cost it a total of $20
million for severance and other expenses in the quarters ending
in September and December.
The moves are the latest by Joseph Sullivan, named chief
executive of the Baltimore-based asset manager in February, as
he tries to restore the company as one of the top U.S. mutual
Sullivan has made changes like selling to its managers a
small wealth-management unit, Private Capital Management. In
August, Legg Mason also said it would shut down an international
equities unit, Esemplia.
Shares in Legg Mason were down 1 percent to $34.52 in midday