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Friday, October 04, 2019

Two Gotham AMs Plan Layoffs

News summary by MFWire's editors

Two big asset managers in the New York City area are making headlines with planned job cuts.

Seth P. Bernstein
AllianceBernstein
President, CEO
Leaders at New York City-based Lazard Asset Management [profile] told staff last week of Lazard Ltd's plans to cut up to seven percent of Lazard AM's worldwide staff, the Wall Street Journal reports, citing unnamed sources. Lazard AM has more than 850 staff worldwide, so cuts of up to seven percent translate into up 60 people or so.

Lazard AM has $213.6 billion in AUM, and the team will also be shutting down some strategies as part of the cuts, the WSJ adds.

Meanwhile, leadership at AllianceBernstein [profile] is making additional cuts in New York City and nearby as part of the firm's planned HQ shift from New York to Nashville. According to a notice, which New York State's Department of Labor revealed yesterday after the AllianceBernstein team filed it last week, AB will lay off 51 employees (out of 1,339) in New York City and 10 (out of 115) in White Plains (in Westchester, outside NYC). The cuts are scheduled for December 31. (Citywire reported on the cuts.)

AllianceBernstein had $581 billion in AUM as of the end of June. The plan is for the team to bring about 1,050 jobs to Nashville in total over the multi-year move. 

Edited by: Neil Anderson, Managing Editor


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