AMUNDI CUTTING COSTS – Europe’s largest asset manager, Amundi, have initiated a hiring freeze following their €3.5bn acquisition of Pioneer Investments. Not only is there a temporary ban on hiring, there are also plans to meet cost saving targets of €180mn. The CEO of Amundi, Yves Perrier, said “The idea is to implement front office reductions by the end of this year. Cuts to support functions – such as the back office, the middle office and IT – will come in 2018.” Amundi cuts follow other similar reductions in the industry, most noticeable being the 800 planned job loses at the Standard Life & Aberdeen AM merger. #SpartanInternational