Summary
BOSTON (Reuters) - Job losses at U.S. asset managers could rival layoffs in the last big bear markets of 2001-02 and 1991-92 as investors pull record amounts of money out of mutual funds in the financial crisis, experts say.
"These large corporations in asset management clearly are not seeing business rebounding the way they thought," said Jeanne Branthover, a managing director at Boyden Global Executive Search Ltd., a recruiter in New York.See the full content of this document
Extract
Fund Industry Braces for Deep Job Cuts
While more than 130,000 jobs already have disappeared at banks, brokers and other financial firms since mid-2007, asset managers have held up better because they do not commit their own capital. They generate the bulk of revenue from fee incom...
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