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Rating:Two More Firms Swing the Axe Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, February 04, 2003

Two More Firms Swing the Axe

by: Sean Hanna, Editor in Chief

Two prominent firms in the fund industry provided more detail on the employment plans yesterday, and the outlook is not good.

Amvescap, the London-based parent to both the AIM and Invesco fund brands, said that it might up the number of job cuts it makes as it works to cut expenses. Amvescap is trying to cut its costs by $150 million by the end of the year.

Late last year the firm said it planned to cut up to 500 jobs by the end of 2003. As a part of a press briefing yesterday Bob McCullough, chief financial officer, said that the cuts "will likely" surpass 500 by the time that they are completed. Those cuts would have brought the headcount at the firm down to 7,400.

McCullough, who made his remarks after the firm's quarterly earnings call, said that Amvescap has cut 412 jobs so far under the program. He did not provide a new figure for the number of expected cuts.

Meanwhile, Ronald Logue, president of State Street, said that the bank expects to eliminate 1,000 positions as Boston-based firm integrates the institutional investment services business it picked up from Deutsche Bank. Logue added that few of the cuts would come from the 11,000 State Street employees located in the Boston area, although they would come from the United States. The firm has 22,700 workers worldwide. 

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