American assets manager, Capital Group Cos., one of the largest of its kind, announced Friday that it will cut over 800 of its 9,000 jobs. The cuts come on the heels of another round of layoffs made in January, which let go about 500 people. The cuts hurt both the culture and income of the company, which once managed $1.2 trillion dollars worth in stocks and bonds, and has now shrunk to about $820 billion. Spokesman Chuck Freadoff says the cuts will affect all departments, expect portfolio managers and analysts whose traditionally long tenure has always been seen as a company asset. The layoffs represent about 9% of Capital Group's total global workforce, 2,500 of whom are employed in California.
See "Mutual fund parent Capital Group to cut 9% of its workforce", Tom Petruno, Los Angeles Times, June 4, 2009