Pioneer Group Reports Losses, Restructuring
February 22, 1999
Pioneer Group of Boston, having suffered declining revenues, has announced a scaling back of its international activities. Pioneer reported a loss of $33.5 million for 1998, and expects to report an operating loss in the first quarter of 1999.
The firm's brokerage subsidiary in Russia, where revenues have fallen significantly, will be closed. Pioneer is also looking into selling its gold mining operation in Ghana, which reported a loss of $8.1 million in the fourth quarter of 1998.