Janus Capital will cut approximately 40 jobs from its rolls, reports the Rocky Mountain News.

The cuts will hit administrative and information technology ranks, as well as at least one executive suite job. The role of chief operating officer, currently held by Girard Miller, will be eliminated.

Post-cuts, Janus will employ less than 1,000, far from its height of 3,000 plus employees, reports the Rocky Mountain News.

"Our 2005 business plan is ambitious, and we've made significant progress, but we've got to be financially prudent," said spokeswoman Shelley Peterson, according to the Rocky Mountain News. "These changes will help increase profitability, improve margins, reallocate capital and better align our resources."

Miller will leave the company on January 3. He will be paid $2.75 million in severance. Chief financial officer David Martin will take over most of his duties.  

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