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April 22, 2020 06:02 PM

AllianceBernstein delays some layoffs related to Nashville move

New York-based manager is allowing staff more time for relocation to new headquarters site

Danielle Walker
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    AllianceBernstein is delaying layoffs of some employees who had opted out of moving to Nashville, due to the coronavirus pandemic.

    AllianceBernstein is delaying layoffs of some employees who had opted out of moving to Nashville, due to the coronavirus pandemic.

    The New York-based firm has also told employees who planned to relocate this year that they can delay their move as they deal with the impacts of the health crisis, a company spokeswoman said Wednesday.

    "Given the current climate and its impact, for those employees who had already been offered the opportunity to relocate to Nashville and made the decision not to move, we have been working with their managers on an individual basis to extend end dates, if necessary," the spokeswoman said in an email. "Currently, the firm has not communicated official end dates to employees who recently declined an offer to relocate."

    AB had previously been filing Worker Adjustment and Retraining Notification notices with the Labor Department on a rolling basis that included such layoffs.

    The $623 billion money manager had more than 680 employees in its Nashville office as of March 31, the spokeswoman said.

    AB expects to have a total of 1,250 staffers in Nashville by December 2024 and believes it is "well on track to meet this commitment" despite the pandemic, the spokeswoman said.

    In May 2018, AB announced it was relocating its corporate headquarters and would shift its executive team, finance, information technology, operations, legal, compliance, internal audit, human capital, and sales and marketing organizations to Nashville. The company's sell-side, private client and investment teams will remain in New York and are not affected by the move.

    See more of P&I's coverage of the coronavirus

    AB also said Wednesday it is continuing to hire in Nashville but at a "modified pace" as employees adjust to working from home because of the pandemic.

    "We are also continuing with our summer intern program and onboarding our 2020 associate class," the spokeswoman said.

    Currently, more than 99% of AB employees are working from home, the company confirmed.

    As a result of the coronavirus, there has been "no official pause on relocations from NYC to Nashville," but the company has "assured employees who are relocating to Nashville this year that we will work with them and provide support on an individual basis," the spokeswoman added.

    "For example, employees who were planning to relocate later this year have the option to delay their move as they deal with the impacts of COVID-19 crisis," the spokeswoman said. "For employees who were set to move imminently, we have offered them individual assistance to continue their relocation plans."

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    December 12, 2022 page one

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