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Report: Amundi to cut about 450 jobs in wake of Pioneer deal

Amundi SA will lay off about 450 workers out of 5,000 employees globally in the wake of the Pioneer deal, Reuters reported Dec. 12, citing CEO Yves Perrier.

Amundi recently signed an agreement to purchase Pioneer Global Asset Management S.p.A. from UniCredit SpA for €3.55 billion.

The asset manager targets a 10% return on investment from the deal within three years, and will be keeping its dividend policy of at least 65% of net result before integration costs after the acquisition, according to CFO Nicolas Calcoen, Reuters said.

The company will continue to focus on Italian government debts, and Pioneer's U.S. assets will be retained, Perrier reportedly said.

Amundi is owned by Crédit Agricole Group.