Employment News
More Layoffs for Mutual Fund Firm
By Erik Even | Dated: 03-18-2009
Los Angeles mutual fund firm American Funds will lay off an undisclosed number of workers, and senior managers will not get merit pay raises.Hard times for the mutual fund industry will mean more layoffs at , and no merit pay increases this year for remaining employees.
Layoffs and pay freezes had been unheard-of at American Funds’ parent firm, Capital Group, in its 80-year history.
Capital Group cut 500 jobs worldwide in January. That reduced total headcount to about 9,000.
The next wave is expected to be company-wide.
Capital Group employs about 2,500 people in California, mainly in Los Angeles and Orange counties. That includes portfolio managers, analysts and customer-service representatives.
Career Connect (From our other career blogs):
- Employment News (Sponsored by EmploymentSpectator)
- Job Search Advice from the CEO of TelecomCrossing (Sponsored by aharrisonbarnes.com)
- Layoff News (Sponsored by LayOffWatch)
Testimonial of the Week
The number of jobs listed on EmploymentCrossing is great. I appreciate the efforts that are taken to ensure the accuracy and validity of all jobs.
- Richard S Baltimore, MD
Sign Up now
Only TelecomCrossing consolidates every job it can find in the domain and puts all of the job listings it locates in one place.
- We have more jobs than any other job board.
- We list jobs you will not find elsewhere that are hidden in small regional publications and employer websites
- We collect jobs from more than 4,429,376 websites and post them on our site.
- We are private, and therefore far fewer people are applying for the jobs on our site than are applying for those on public job boards.
