Feb 8, 2023
AllianceBernstein Eliminates More Than 100 Jobs From Global Workforce
(Bloomberg) -- AllianceBernstein Holding LP has eliminated more than 100 jobs from its workforce after a year of turmoil in equity and credit markets, according to people familiar with the matter.
The firmwide cuts, announced this week, included roles in North America and the UK, the people said, asking not to be identified discussing non-public information. One person estimated the exits amount to about 4% of the staff. The investment-management firm had 4,436 employees at year-end.
In an earnings statement Wednesday, the company said it’s reducing headcount to lower costs after a 17% drop in assets under management from a year earlier.
A spokesperson declined to comment.
The cuts come less than a year after AllianceBernstein formally unveiled its new tower, after uprooting its headquarters to Nashville, Tennessee, from New York. The unusually extreme cost-cutting move, announced in 2018, spurred a broader discussion about Manhattan’s ability to retain financial firms as technology makes it easier to perform many tasks from cheaper locales.
Read more: NYC exodus brings joy and agony for AllianceBernstein’s staff
Firms across the industry have been eliminating positions in recent months, including in the US and Europe, as they respond to slumps in certain business lines and prepare for a possible recession. Goldman Sachs Group Inc. embarked on roughly 3,200 cuts in one of its biggest reductions ever, while Morgan Stanley targeted 1,600 roles. BlackRock Inc., the world’s largest asset manager, has also let go of around 500 people, its first round of cuts since 2019.
Among the affected jobs at AllianceBernstein, which oversees $646 billion, were several sell-side analyst roles, another person said. The firm has stopped covering some sectors, one of the people said.
(Updates with background on cost-cutting in third and fifth paragraphs.)
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