The
Capital Group Cos., which runs
American Funds, laid off around 500 employees on Tuesday, a company spokeswoman confirmed to
The MFWire. The cuts did not affect the Los Angeles-headquartered company's investment professionals.
The reduction occurred in North America, Europe and Asia, according to the spokeswoman. The layoffs included 25 in San Antonio, Texas, where Capital Group employs 1,400 people,
San Antonio Express-News reported.
Tuesday's layoffs came in the wake of the
elimination of 60 positions in the Geneva and London offices of the company's global institutional group last November (see
The MFWire, 11/21/08).
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