Lazard is set to shed up to 7% of its jobs in its asset management arm following a review of the business.

The move is set to result in the reduction of around 60 jobs.

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Employees have been already notified about the layoffs.

According to media sources, the firm will also close some investment funds that have less growth potential. The funds will be shuttered by the end of this year.

Lazard Asset Management manages $213.6bn in assets. The staff headcount at the business is over 850.

Recent job cuts at major financial services firms

This July, Bloomberg reported that Citigroup will cut hundreds of trading jobs this year. The move is expected to affect the bank’s fixed-income and stock-trading operations, including at least 100 jobs in the equities division.

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In May, Legg Mason unveiled plans to slash 120 jobs. The downsizing exercise will affect employees in the firm’s fund administration, legal, finance, and human resources departments.

In March, Bloomberg reported that JPMorgan is planning hundreds of job cuts in its asset management division. The redundancies will be made globally and impact staff in support roles and wealth management.

At the same time, Deutsche Bank announced 18,000 layoffs as part of a massive overhaul.

HSBC too announced over 4,000 redundancies recently.