: Korn Ferry to cut jobs, eliminate some office space as part of cost reduction plan

Korn Ferry KFY disclosed Thursday that it will cut jobs and eliminate underutilized office space as part of a cost reduction plan. The staffing services company said the job cuts will affect less than 5% of its workforce, which was 10,779 as of April 30, 2022, according to its latest annual report. The company expects the plan to cut costs by about $45 million to $55 million a year. Charges resulting from the cuts, including severance, benefit payments and lease termination costs, are expected to be $45 million to $50 million. The stock, which was still inactive in premarket trading, has gained 4.5% over the past three months but lost 27.7% over the past 12 months, while the S&P 500 SPX has rallied 11.0% the past three months and declined 16.0% the past year.

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