Capital Group's latest round of staff reductions hit at least one of its customer service centers. The San Antonio Express-News' L.A. Lorek reports that the Los Angeles-based American Funds manager laid off 94 employees in San Antonio, Texas, as part of company-wide cuts of 820 positions total that came to light last week (see MFWire, 6/3/2009).

"Our assets under management have declined," Capital Group spokesman Chuck Freadhoff told the Express-News. "We built an infrastructure for a much higher asset level."

According to the paper, Capital Group boasts 1,400 employees in its seven-building San Antonio customer service center, out of 9,000 worldwide. 

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