MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, November 15, 2001 63 Laid Off at Pioneer Pioneer Investments is laying off 63 of its workers, a spokesperson at the firm told the MutualFundWire.com. The lay-offs are a result of the recession. This is the first time in its history that Pioneer has had to lay-off employees. "Most of the lay-offs took place in the e-commerce area, but they also had an effect in sales, marketing, and shareholder services. There was one person from our investment staff, a portfolio manager, who was laid off. But that was not for a fund sold in the U.S.," the official continued. "There are no plans for any further layoffs at this time," Dan Geraci, ceo of Pioneer Investment Management USA, told the MutualFundWire.com as well. "Despite an significant increase in sales, the depressed level of equity markets have put significant pressure on Pioneer's revenues," he added. "While it is never an easy decision to reduce staff levels, it is critical that we deploy our resources effectively to meet Pioneer's agressive growth objectives." Printed from: MFWire.com/story.asp?s=26697 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |