Capital Group Lays Off 500 Workers
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Wednesday, February 04, 2009

Capital Group Lays Off 500 Workers

The Capital Group Cos., which runs American Funds, laid off around 500 employees on Tuesday, a company spokeswoman confirmed to The MFWire. The cuts did not affect the Los Angeles-headquartered company's investment professionals.

The reduction occurred in North America, Europe and Asia, according to the spokeswoman. The layoffs included 25 in San Antonio, Texas, where Capital Group employs 1,400 people, San Antonio Express-News reported.

Tuesday's layoffs came in the wake of the elimination of 60 positions in the Geneva and London offices of the company's global institutional group last November (see The MFWire, 11/21/08).

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