Capital Group Companies is apparently moving forward with the round of cuts hinted at earlier this year. (see MFWire, 3/17/2009 ).

An American Funds spokesman confirmed to MFWire that a layoff of 820 will take place at Capital Group Companies over the next two weeks. However, this cut will not affect Capital Research and Management, which serves as the investment advisor to American Funds. The layoffs also did not affect any portfolio managers or analysts for American Funds.

Capital Group already reduced its ranks by 500 this February (see MFWire, 2/4/2009 ).  

Edited by: Meredith Mazzilli


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