Two months after its post-Lehman Brothers fate was decided
at an auction, newly independent Neuberger Berman
is cutting staff. The layoffs this week affect a "single-digit percentage" of New York-based Neuberger's staff, which totaled around 2,000 as of December, a source familiar with the situation told The MFWire
Neuberger spokesman Randall Whitestone declined to comment.
Yet the source, who requested anonymity, said the cuts have minimal impact on Neuberger's portfolio management team. The headcount reduction, added the source, affects mostly the firm's support staff.
Post-Lehman, Neuberger is concentrating its efforts on the equities, fixed income and fund-of-funds businesses, the source said.
Rumors of layoffs, which have made the rounds among
Neuberger alumni during the past week, were picked up Tuesday afternoon by
In December, a group of Neuberger managers and senior employees emerged as the winning bidder for the unit (see
12/03/08). Their bid beat out an earlier offer by private equity firms Bain Capital
and Hellman & Friedman
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