Thirty three people have been laid off at the Rancho Cordova branch of Franklin Templeton Investments. Stacey Johnston, corporate communications manager, said that about 2 percent on its global work force has been reduced. “While we have made strong progress in decreasing our operating expenses over the year through a variety of measures, we have determined that headcount reductions are necessary, as we announced on our earning call”, Johnston reported in a public statement.

As of September 30 of this year, Franklin Templeton Investments had 8,726 employees worldwide.