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Rating:Layoffs Hit Neuberger Berman Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 11, 2009

Layoffs Hit Neuberger Berman

Reported by Armie Margaret Lee

Two months after its post-Lehman Brothers fate was decided at an auction, newly independent Neuberger Berman is cutting staff. The layoffs this week affect a "single-digit percentage" of New York-based Neuberger's staff, which totaled around 2,000 as of December, a source familiar with the situation told The MFWire.

Neuberger spokesman Randall Whitestone declined to comment.

Yet the source, who requested anonymity, said the cuts have minimal impact on Neuberger's portfolio management team. The headcount reduction, added the source, affects mostly the firm's support staff.

Post-Lehman, Neuberger is concentrating its efforts on the equities, fixed income and fund-of-funds businesses, the source said.

Rumors of layoffs, which have made the rounds among Neuberger alumni during the past week, were picked up Tuesday afternoon by Dealbreaker.

In December, a group of Neuberger managers and senior employees emerged as the winning bidder for the unit (see The MFWire, 12/03/08). Their bid beat out an earlier offer by private equity firms Bain Capital and Hellman & Friedman (see The MFWire, 09/28/08).  

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