Federated Hermes layoffs, on the record
Every job cut, severance charge and restructuring Federated Hermes reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 2,025 to 2,091.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 2,025 | At December 31, 2023 |
| 10-K for 2024 | 2,072 | December 31, 2024 |
| 10-K for 2025 | 2,091 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryFederated Hermes restructured an infrastructure fund and bought certain limited partners' rights to future carried interest, which removed an existing clawback risk.
Word for word“In connection with the restructuring of an infrastructure fund, Federated Hermes purchased certain limited partners’ rights to receive future carried interest at fair value, which was calculated by a third-party, for $9.8 million and was included in Operating Expenses - Other in the second quarter 2023.” 10-K for 2023
Our summaryOther expense rose mainly because of costs tied to the infrastructure fund restructuring.
Word for word“Other expense increased $11.0 million primarily due to the costs associated with an infrastructure fund restructuring.” 10-K for 2023
Our summaryCash paid rose for costs related to the infrastructure fund restructuring.
Word for word“(7) an increase in cash paid of $4.0 million related to an infrastructure fund restructuring.” 10-K for 2023
Our summaryAn accrual related to the infrastructure fund restructuring increased accounts payable and accrued expenses.
Word for word“Accounts Payable and Accrued Expenses at December 31, 2023 increased $14.4 million from December 31, 2022 primarily due to an accrual related to an infrastructure fund restructuring.” 10-K for 2023
Our summaryNondeductible expenses from the infrastructure fund restructuring added to the effective tax rate.
Word for word“The increase in the effective tax rate was primarily due to an increase in the valuation allowance on certain foreign deferred tax assets (1.0%) and nondeductible expenses associated with the restructuring of an infrastructure fund (0.9%) in 2023 and a write-off of a foreign subsidiary (0.8%) in 2022.” 10-K for 2023
Our summaryFiling notes a fund restructuring in 2023 whose costs decreased Other expense in 2024; no workforce reduction is stated.
Word for word“Other expense decreased $18.2 million primarily due to a decrease in the costs associated with a fund restructuring in 2023.” 10-K for 2024
Federated Hermes has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Federated Hermes’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.