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Wednesday, January 21, 2009

RiverSource Cuts Staff

Reported by Armie Margaret Lee

RiverSource Investments is cutting an undisclosed number of jobs as part of cost-reduction efforts underway at its parent, Ameriprise Financial.

"There will be minimal impact to asset management sales, marketing and investment teams," RiverSource spokesman Ryan Lund told The MFWire in e-mailed comments.

On Tuesday, media reports surfaced that Ameriprise was slashing 300 jobs at its Minneapolis headquarters and an disclosed number in its field organization.

Like its parent, RiverSource is based in Minneapolis. Last year, RiverSource absorbed New York-based investment manager J. & W. Seligman & Co., which Ameriprise bought in a $440 million all-cash deal that closed in November (see The MFWire, 11/10/08).

The headcount reduction at Ameriprise was disclosed Tuesday by the company in an 8-K filing on Tuesday. Ameriprise did not state in the filing how many jobs it was cutting, but said its client service operations would be largely unaffected by the reduction.  

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