Perpetual Limited
(ASX:PPT) has downgraded its full year guidance to be between $22-$29 million net profit after tax.
The fund manager also revealed a transformation plan which will reduce costs by $50 million in its 2015 full year and expects to cut about 300 jobs over the next two years.
Since taking over as chief executive, Geoff Lloyd has conducted a thorough review of the business and said its “operating model was not sustainable and its operational structure not optimal.”
In the first half of the 2012 financial year Perpetual reported a net profit of $21.4 million.
