Cushman & Wakefield is undergoing a major overhaul, according to the New York Times.
The firm is the third largest commercial real estate brokerage but is seeking a turnaround after big losses. Its majority stakeholder, Exor, is looking at an initial public offering for the firm.
Cushman also recently lost some of its top deal makers and a chunk of its capital markets group to competitor Jones Lang LaSalle, the paper said.
Cushman's new chief executive, Glenn Rufrano, is known for his turnaround skills. The paper suggested that the management set-up could be part of the reason for the firm's woes. Teams are centered around successful dealmakers heading groups which may compete with each other.