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Tuesday, February 21, 2012

AllianceBernstein Cuts Jobs

News summary by MFWire's editors

AllianceBernstein [profile] trimmed about 90 jobs last week amid outflows from its U.S. equity products, Reuters reports. The layoffs represent around two percent of the company's workforce.

The job cuts included around 30 investment posts, such as analysts and portfolio managers.

In the fourth quarter of 2011, AllianceBernstein experienced net outflows of $13.2 billion. It ended the quarter with AUM of $421 billion.

AllianceBernstein spokesperson John Meyers told Reuters that the cuts form part of the strategy the asset manager had previously outlined to cut costs and streamline operations.

Rent is another area where the firm is looking to cut spending. Reuters quoted AllianceBernstein CEO Peter Kraus as saying at a conference call with analysts and investors last week he and his team will "continue to focus on taking rent down and it is a very large portion of our cost. It is our intention to continue to improve the margin even if we weren't growing." 

Edited by: HFD

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