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Wednesday, December 03, 2008

Wellington Reduces its Workforce

Reported by Armie Margaret Lee

Wellington Management has trimmed its workforce. It was not immediately known how many jobs were cut. The reduction, which took place over the last several days, would have "minimal impact on the company's investment and client capabilities," according to company spokesperson Lisa Finkel.

"Given the tumultuous events in the global financial markets during 2008, we have made rigorous efforts to slow spending, be more efficient, and reduce our expense structure without hampering our ability to continue to meet our obligations to clients," Finkel said in an e-mailed statement.

"Included in these efforts was the difficult decision to reduce our workforce, which has been implemented over the last several days. In doing so, we focused on eliminating work and restructuring positions where the change would have minimal impact on our investment and client capabilities," Finkel added. 

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