400 laid off from Tacoma's Russell Investments
TACOMA, Wash. -- Russell Investments began laying off employees Wednesday as part of planned cuts due to the "realities of the current economic environment," the company said.
Company spokeswoman Jennifer Tice said 20 percent of the company's 2,000 employees worldwide will be let go.
The company would not say how many of those being laid off work at Russell's headquarters in Tacoma, but on Wednesday morning several employees whose jobs were cut were seen carrying boxes of personal belongings out of the office.
Employees who are losing their jobs were being offered severance packages, but Tice would not detail what the packages included.
In a written statement, company spokeswoman Jordan Howlett said the cuts were part of planned layoffs announced in January.
"A workforce reduction was necessary and the majority of this effort occurred today, primarily impacting non-client facing roles," she said. "We remain committed to serving the needs of our clients and we do not expect any impact on our investment capability as none of our senior research analysts and very few portfolio managers were affected."
The company is also in the process of moving its headquarters, but officials said no decision has been made on the new location.
Russell Investments was founded in 1936 and has about $136 billion in managed assets, according to the company's Web site.
Company spokeswoman Jennifer Tice said 20 percent of the company's 2,000 employees worldwide will be let go.
The company would not say how many of those being laid off work at Russell's headquarters in Tacoma, but on Wednesday morning several employees whose jobs were cut were seen carrying boxes of personal belongings out of the office.
Employees who are losing their jobs were being offered severance packages, but Tice would not detail what the packages included.
In a written statement, company spokeswoman Jordan Howlett said the cuts were part of planned layoffs announced in January.
"A workforce reduction was necessary and the majority of this effort occurred today, primarily impacting non-client facing roles," she said. "We remain committed to serving the needs of our clients and we do not expect any impact on our investment capability as none of our senior research analysts and very few portfolio managers were affected."
The company is also in the process of moving its headquarters, but officials said no decision has been made on the new location.
Russell Investments was founded in 1936 and has about $136 billion in managed assets, according to the company's Web site.