Alliance Bernstein Sheds 200 EmployeesPosted by in Blog on August 15, 2011
Alliance Bernstein has shed nearly 200 positions through mid-year. This appears to be a sign that Alliance Bernstein is reacting to its significant loss of assets since the 2008 financial meltdown.
“Through June 30, the firm is down 181 employee positions, including 48 it lost in the second quarter, says an Alliance Bernstein spokesman. In the last month, it eliminated another 12 marketing and communications positions, along with four senior analysts, according to Fundfire’s sister publication Ignites –a total that push the number of personnel cuts this year above the 200 mark,” according to Mariah Summers of Fundfire.com.
Not all of this year’s departures were “selective reduction,” there was also some natural attrition.
“We stayed focused on managing expenses in pursuing new efficiencies,” CEO Peter Kraus said.
“We’ve talked about managing staff through selective reductions and consistently applying meritocratic pay and review processes in the past. We are doing it, and we will continue to do it.”
These type of personnel reductions have resulted in the loss of nearly 1,000 employees since 2008.
Alliance Bernstein’s institutional assets totaled $ 254 billion @ June 30, which is down from $ 266 billion the previous quarter. AB reported $ 14.9 billion in net outflows on the institutional side, which is $ 2 billion higher than the previous quarter.
Alliance Bernstein is trimming their workforce and their expenses. Let’s hope they are still focused on the investment process.