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.
