Waddell & Reed Financial layoffs, on the record
Every job cut, severance charge and restructuring Waddell & Reed Financial reported in its annual reports, 2018 to 2020, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | 1,332 | December 31, 2018 |
| 10-K for 2019 | 1,162 | December 31, 2019 |
| 10-K for 2020 | 1,116 full-time employees | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryThe filing notes that 2016 compensation expense fell because of severance expense tied to workforce reductions.
Word for word“The decrease in other compensation was primarily due to severance expense in 2016 as a result of workforce reductions.” 10-K for 2018
Our summaryThe filing reports a 2018 increase in incentive compensation and severance expense, which added to salaries and wages costs.
Word for word“Partially offsetting these decreases were an increase of $5.1 million in salaries and wages due to annual merit increases and $5.1 million due to increases in incentive compensation and severance expense.” 10-K for 2018
Our summaryThe company entered into a severance agreement and release with Thomas W. Butch, an executive.
Word for word“10.19 Severance Agreement and Release of All Claims, effective January 13, 2018, by and between Thomas W. Butch and W&R Corporate LLC.” 10-K for 2018
Our summaryThe company entered into a severance agreement and release with Wendy J. Hills, an executive.
Word for word“10.20 Severance Agreement and Release of All Claims, dated April 18, 2018, by and between Wendy J. Hills and W&R Corporate LLC.” 10-K for 2018
Our summaryRecorded severance expense tied to the outsourcing of transfer agency transactional processing operations.
Word for word“Excluding these non-cash and severance expense charges, adjusted net income for 2019 was $137.4 million and adjusted net income per diluted share was $1.87.” 10-K for 2019
Our summaryRecorded non-cash asset impairment charges on assets held for sale, including real property tied to the corporate headquarters move and the elimination of internal aviation operations.
Word for word“The year ended December 31, 2019 included non-cash asset impairment charges of $12.8 million in connection with certain assets held for sale, including real property related to our corporate headquarters move and the elimination of our internal aviation operations, an $11.2 million non-cash charge related to the annual revaluation of the pension plan liability and $5.4 million in severance expense related to the outsourcing of our transfer agency transactional processing operations.” 10-K for 2019
Our summaryIn 2019 the company recorded severance expense tied to outsourcing its transfer agency transactional processing operations.
Word for word“Operating expenses for 2019, including $12.8 million of non-cash asset impairment charges and $5.4 million of severance expense related to the outsourcing of our transactional processing operations of our transfer agency, were down 1% compared to 2018.” 10-K for 2020
Waddell & Reed Financial filed 2 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Waddell & Reed Financial’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-02-19. 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.