Breaking News

More () »

business

Invesco to lay off 850 workers

The layoffs come about five months after the Atlanta-based investment management company announced in October plans to acquire OppenheimerFunds for $5.7 billion.

Credit: Denver Business Journal

Pictured in 2014, Darren Walsh, then-chief technology and operations officer, left, and Laton Spahr, portfolio manager of OppenheimerFunds. Walsh said, “I think people are surprised when they find out how big we are in Colorado.”

CENTENNIAL, Colo. — Invesco on Friday said it would eliminate 850 jobs of the less than 1,000 that are currently in the Denver.

That's according to an email sent from Invesco spokesperson Jeaneen Terrio.

Terrio said the reason is "to reduce the redundancies as we work toward achieving our cost synergy target of $475 million."

Invesco in October announced it was acquiring OppenheimerFunds for $5.7 billion.

The Atlanta-based investment management company used to be a big name in Colorado: Its name was the first to be displayed on what is now called Broncos Stadium at Mile High.

Credit: AP

FILE- In this Sept. 19, 2010, file photo, Invesco Field at Mile High is seen before an NFL football game between the Seattle Seahawks and Denver Broncos, in Denver. The Metropolitan Football Stadium District board unanimously agreed Tuesday, Aug. 16, 2011, to have Sports Authority Inc. take over the rest of Invesco's naming rights agreement, which had been set to expire on July 31, 2021. It will now be known as Sports Authority Field at Mile High. (AP Photo/Jack Dempsey, File)

Its current and only Colorado office is located at 6801 S. Tuscon Way in Centennial.

SUGGESTED VIDEOS | Local stories from 9NEWS