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Stories of Interest
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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NEWSLETTERS & ALERTS
AllianceBernstein: New York Staff Moving Out of Town
Money manager AllianceBernstein, a wholly-owned subsidiary of insurer AXA SA, is planning to move some of its staff from New York to Charlotte, NC, and San Antonio, TX, in a move to cut expenses. AllianceBernstein has an office in San Antonio, while AXA is in the process of expanding its base of operations in Charlotte.
The moves, which have not been finalized and could change, would affect only a portion of AllianceBernsteim's more than 3,400 employees worldwide – most are based in New York, London and Hong Kong. The move, if it proceeds as anticipated, would likely be completed by late 2018.
The planned moves are a response to the losing battle that AllianceBernstein and other active money managers are having with index-based mutual funds and ETFs, which offer investors lower fees and competitive returns.
Charlotte, NC, has been prominently mentioned because parent company AXA SA has been growing its footprint there. According to FoxBusiness, the firm announced in May that it would almost double its head count there over the next 5 years. That city is home to big banks including Wells Fargo & Co. (from its acquisition of Wachovia Bank) and Bank of America Corp.