AllianceBernstein plans to cut another 75 jobs this quarter in the wake of layoffs affecting 237 employees in the first quarter. The first quarter cuts included 31 investment staff.

At the end of March, AllianceBernstein had 4,760 employees, down from 4,997 at the end of 2008.

The New York-based investment manager said layoffs this quarter would affect mostly non-investment staff.

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Company Press Release

NEW YORK, March 31, 2009 /PRNewswire-FirstCall via COMTEX/ -- AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P. today announced that as a result of its expense reduction initiatives, total headcount declined to approximately 4,760 during the first quarter of 2009 from 4,997 as of December 31, 2008. Investment professionals, which include analysts, portfolio managers, chief investment officers, directors of research and traders, declined to approximately 540 from 571 during the same period. As a result of decisions made in the first quarter of 2009, total headcount during the second quarter is expected to decline by approximately 75, largely non-investment staff.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 500 investment professionals with expertise in growth equities, value equities, fixed income securities, blend strategies and alternative investments and, through its subsidiaries and joint ventures, operates in more than 20 countries. AllianceBernstein's research disciplines include fundamental research, quantitative research, economic research and currency forecasting capabilities. Through its integrated global platform, AllianceBernstein is well-positioned to tailor investment solutions for its clients. AllianceBernstein also offers independent research, portfolio strategy and brokerage-related services to institutional investors.

At March 31, 2009, AllianceBernstein Holding L.P. owned approximately 34.3% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 65.1% economic interest in AllianceBernstein.

 

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