AllianceBernstein in the past week eliminated 90 positions — including about 30 portfolio manager and analyst positions in the firm's equity business — as the company moved to further align resources with trends in asset levels and revenues, confirmed spokesman John Meyers.
The remainder of the layoffs involved support staff and distribution-related personnel, he said. The cuts amounted to 2.4% of the company's workforce of 3,764 as of Dec. 31.
AllianceBernstein also will close some of its smaller equity products or merge them into bigger ones with similar investment goals. Meanwhile, Mr. Meyers said, AllianceBernstein will continue to diversify its product lineup, devoting more resources to areas such as market-neutral and low-volatility strategies.
