US - Legg Mason says it has axed 410 jobs following its acquisition last year of Citigroup Asset Management and the Permal Group.
The Baltimore-based asset manager also disclosed that it had around $7bn (€5.5bn) in net client cash outflows in the first quarter.
The firm - which has been under fire over chief executive Raymond Mason's pay - was also hit by a slip in revenue. It was down 1.3% from the previous period due to a "significant decrease" - $30m - in performance fees and equity market values.
"The company's number of employees fell by 410, or 10%, during the seven months since the transaction closing, reflecting the continued integration process," it said in its latest earnings report. The job cull was now "complete".
"Assets under management at June 30 were $854.7bn, down approximately 1.5% from the $867.6bn reported at March 31," the company added.
"The company experienced approximately $7bn in net client cash outflows for the quarter, together with approximately $6bn in market value decreases." Equity assets fell by around $13bn as markets fell.
Legg Mason's institutional arm increased assets under management to $452bn (53% of total assets) from $444.8bn in the previous quarter.
It said: "Our institutional and wealth management divisions both experienced positive net flows during the quarter."
Overall, net income was up to $156m from $112.7m a year before.
Last month the company organized its business into three units and revamped its management structure to help it absorb Citigroup AM.