IM Management Group (AIM) has concluded its previously announced workforce reduction program, which entails the elimination of 248 positions. The cuts affect some 10% of AIM's workforce through a combination of voluntary and involuntary separations. The majority of the cuts, or more than 70 percent, involved employees who chose to leave on a voluntary basis, confirmed a spokesman at AIM. The majority of those separations, which includes departures due to attrition, will be concluded by the end of this week.
The reductions, the first in AIM's 26-year history, is expected to help AIM align expenses amid the prolonged market downturn. All of the involuntary reductions have already taken place, the spokesman added.
"I want to acknowledge the dedicated service to AIM of all those who will be leaving us and to express my individual appreciation for their efforts on behalf of our company and our clients," said AIM President and CEO Robert H. Graham. "I remain confident about AIM's long-term future and have asked those staying with us to continue to work together to ensure we provide our clients with the best products and services available."
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