Posted on 10/30/2002 8:22:43 PM PST by Willie Green
For education and discussion only. Not for commercial use.
AIM Management Group Inc. plans to let go about 120 employees, or 5 percent of its 2,450 workers, as difficult market conditions force the company to make job cuts for the first time in its 26-year history.
Like others in the industry, the Houston-based investment manager has been hit by a reduction in fee income as its assets under management have been shrunk by the prolonged bear market.
AIM is outlining a mid-November window for the workforce reductions to come to a head as it extends voluntary severance packages, with right of first refusal to workers it considers essential personnel. The majority of the positions to be cut are in Houston.
Ivy McLemore, a spokesman for AIM, says the company had tried to avoid layoffs. But, he says, cost-cutting moves in play since 2000 weren't enough, and the company finally bowed down to the market downturn.
Founded in 1976, AIM had about $135 billion in assets under management and more than 9 million shareholders as of June 30.
Omigawd! Can I still contact my friends online?!?
No, wait. It's just another Willie Green "lay-off post". Lordy, I swear he sits there all day long, waiting with sweating palms in hopes of finding a lay-off story to post.
I wish I had that luxury of time.
Unfortunately, they're really quite plentiful,
and I rarely post all that I come across.
Considering most of the people I've talked to over AIM, your AIM link may have some merit. (:
I know ---you never posted about the 1200 who just got laid off in this town. The economy here went into freefall in the 90's when everyone else was fooled into thinking the economy was so good.
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