OppenheimerFunds Layoffs: 850 Centennial Employees To Lose Jobs

CENTENNIAL, CO –Eight-hundred-fifty employees of Centennial's OppenheimerFunds offices will lose their jobs as the company restructures, according to a WARN notice filed with the Colorado Department of Labor and Employment.

Atlanta-based Invesco, which is acquiring OppenheimerFunds, made the announcement this week.

“The job eliminations are intended to reduce overlap and achieve the $475 million dollar cost synergy target,” Invesco spokeswoman Jeaneen Terrio told Denver Business Journal, which broke the story Friday. Invesco does not have an office in Denver, the DBJ reported.

There are around 1,000 employees currently working at the OppenheimerFunds office at 6801 S. Tuscon Way in Centennial, the DBJ reported. Most are employed in customer service and back-office operations, the report said.

Terrio said the laid off employees will be "transfer agents and service professionals" whose jobs will be moved to Houston or Prince Edward Island, Canada.

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