Waddell & Reed starts layoffs

Overland Park, Kan.-based Waddell & Reed Financial Inc. (NYSE: WDR) has started involuntary layoffs after the end of a voluntary separation program.

The company seeks to cut operating expenses by $40 million, or 10 percent.

The layoffs scheduled to occur between now and June are expected to result in a second-quarter pretax restructuring charge of about $16 million.

In the first quarter, the company's net income fell 44.2 percent.

Read more from the Kansas City Business Journal.