Jobs
Layoffs Hitting Harder In Private Equity (BX, ACAS)
Published:
Last Updated:
Cerberus Capital Management was one of the top private equity firms any MBA graduate would have wanted as their career destination. But this week may mark another stark reminder that private equity is in decline The Financial Times reported that Cerberus is set to cut about 10% of its workforce.
Cerberus is majority owner of automaker Chrysler, a company it probablywishes that it could give back. The first reports put the company ascutting as much as 10% of its global workforce. If Fiat’s deal withChrysler takes a full hold, then Cerberus may finally reduce itsmajority stake there. Unfortunately, the Fiat deal involves no cashtransfers for Chrysler yet.
Other financial layoffs at private equity shops have come from TheBlackstone Group (NYSE: BX), American Capital Limited (NASDAQ: ACAS),Carlyle, 3i, and others.
After looking at past releases, the company has roughly 275 investmentand operating professionals. But we do not have a fresh and currentback office and support count yet.
Jon C. Ogg
January 20, 2009
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
