Layoffs hit 98 more at AllianceBernstein
As it prepares to move to Nashville, the company announced additional cuts in New York
AllianceBernstein is laying off 98 New York State employees ahead of the company’s move to Nashville, according to a notice posted Wednesday.
The cuts, 50 of which are in New York City and 48 in White Plains, follow hundreds of previous layoffs the company has made or announced since October 2018, all in connection with the relocation. Including the most recent layoffs, which mark the eighth such notice AllianceBernstein has filed with the state, the cuts have affected 428 people, with 330 of those positions in New York City.
The layoffs generally pertain to workers who have declined relocation offers, the company has stated. It is moving about 1,250 positions to Nashville in a process that it expects to complete by the end of 2024.
“It’s important to reiterate that our transition to Nashville is not meant in any way to be a consolidation of any of our businesses: As of Dec. 31, 2019, we had 3,811 employees, compared to 3,641 employees as of Dec. 31, 2018 and 3,778 as of Sept. 30, 2019,” the company said in a statement. “Throughout this relocation process, which will happen over several phases, we will file more [layoff] notices as we continue to migrate roles from New York to Nashville.”
Most of the layoffs were expected to occur in 2019 and 2020, the company said in its annual report last year.
The company is planning to move into its permanent headquarters building in Nashville by the end of the year. It already has about 600 workers in the city working in leased office space.
AllianceBernstein had employees in 51 offices globally as of the end of 2019. The company’s assets under management at the end of the year were about $623 billion.
Equitable Holdings Inc. is the majority owner of AllianceBernstein, holding nearly 65% of the firm.
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