Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Headcount Reduction Continues at AllianceBernstein  Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, October 30, 2009

Headcount Reduction Continues at AllianceBernstein

News summary by MFWire's editors

AllianceBernstein, which reported its third-quarter results on Thursday, ended September with 4,544 employees. By yearend, the firm will bring headcount down to 4,400, a company spokesman told The MFWire.

In September 2008, it employed 5,663 people. It started implementing layoffs at the end of 2008 amid the market downturn.

AllianceBernstein CEO Peter Kraus told analysts that the cuts were not too deep.

"We never stopped investing," Kraus was quoted in a Reuters report as saying. He pointed to the growth of teams that invest in real estate and special government programs. "We're setting the stage for what we think is (a sustainable) operating margin on the way up, and feel comfortable with it," he added.

AllianceBernstein reported net income of $199 million in the third quarter, down from the $219 million in the year-ago period. Diluted income per unit declined to 67 cents per share from 73 cents last year.

Still, the results exceeded analysts' expectations. Analysts polled by Thomson Reuters had expected an average of 45 cents per unit.

Revenue was $806.8 million compared to $850 million in the same period last year. Total assets under management jumped to $498 billion at September's close, up from $447 billion in June. Assets under management have yet to recover their September 2008 levels and are still down 16 percent.

Trimmed operating expenses stemming from layoffs that began at the end of 2008 underlie the company's better-than-expected performance. 

Edited by: Patricia Kelly


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use