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Monday, April 29, 2002|
Worm Turns at Franklin
Franklin Resources is giving back what it took away last year when the fund industry hit bottom. Marty Flanagan, chief financial officer, revealed that some Franklin staff will see their paycheck restored to pre-recession levels. The San Mateo instituted two levels of pay cuts last Fall (see: It is a Trick, Not a Treat at Franklin, October 29, 2001).
Employees who had their pay reduced by 5 percent will have their paychecks return to full strength starting next quarter, said Flanagan to analysts in the firm's quarterly conference call.
Franklin also cut higher level executives pay by 10 percent. That group will not see its former-sized paycheck as soon. Flanagan said that pay of that group will be revisited in coming months.
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