AllianceBernstein Holding LP has eliminated more than 100 jobs from its workforce after a year of turmoil in equity and credit markets, according to people familiar with the matter.
The firmwide cuts, announced this week, included roles in North America and the U.K., the people said, asking not to be identified discussing non-public information. One person estimated the exits amount to about 4% of the staff. The investment-management firm had 4,436 employees at year-end.
In an earnings statement Wednesday, the company said it's reducing headcount to lower costs after a 17% drop in assets under management from a year earlier.
A spokesperson declined to comment.
