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

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

Rating:Skandia Initiates Layoffs Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, March 23, 2001

Skandia Initiates Layoffs

Reported by Tamiko Toland

American Skandia is cutting 13 percent of its workforce and instituting other cost-cutting measures. The move represents about 150 jobs, primarily at the firm's Shelton, Connecticut offices. American Skandia anticipates annual savings in excess of $35 million.

The layoffs will come in a broad-based cut which spares certain areas of the business.

"We're cutting equally across the board, but we kept off the table the external sales force, new product development, and technology departments," said Timothy J. Klahs, vice president of investor relations.

American Skandia will be able to clear out office space resulting from the reduced staffing levels.

In addition, the firm is instituting wage reduction. Klahs was unable to specify to what extent paychecks will shrink but did say it the move will affect employees at all levels.

"We've really done across-the-board reductions in terms of compensation levels," said Klahs. "We have weighted them more heavily towards upper-level management, especially variable compensation."

American Skandia is also cutting travel and communications budgets but has not frozen expense accounts.

Given that the customer support area is subject to the cuts, how will this affect customer service?

"We've made great strides in automated customer service," explained Klahs. "We've spent quite a bit of money bringing in outside consultants and really performing well as far as benchmarks. We've really made the process much more efficient."

In the absence of layoffs, said Klahs, the customer service area may have been allowed to shrink naturally through attrition. The technology department, which has fostered the streamlining of customer service, is immune to staffing reductions.

The cost and effects of the measures will come to light over the next few months as American Skandia makes strategic decisions about how to institute layoffs. 

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
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
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


  1. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  2. ICI webinar - The Digital Future of Asset Management: Current State and Regulatory Landscape, July 10
  3. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  4. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  5. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  6. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  7. MFDF webinar - ETF Conversions, July 17
  8. MFDF Director Discussion Series - Open Forum (New York), July 22
  9. MFDF Ask Anything webinar - AI Edition, July 24
  10. MFDF webinar - Use of Derivatives by RICs, July 29
  11. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  12. Samfund Soiree Boston 2025, August 21
  13. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  14. ICI ETF Conference, Sep 8-10
  15. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  16. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  17. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  18. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  19. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  20. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  21. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  22. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  23. 10th annual Fuse Forum, October 8
  24. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  25. 2025 MMI Annual Conference, Oct 15-17
  26. MFDF webinar - Series Trust Funds - Effective Board Relationships with Advisers, October 15




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use