MFS Workers Fear Massive Layoffs Following Sale
September 20, 2006
Certainly, Rachel Barnard, an analyst with Morningstar, believes the possibility is very real. "I would say we're looking at several hundred [job cuts] at least," she said, adding she is "99.9%" sure layoffs will happen, most likely in Boston. Approximately 2,100 of MFS' 2,400 total workforce are located in Boston.
The company has been struggling with outflows and high costs in recent years. Since 2003, only 17 of the company's 66 mutual funds have had net inflows, and of the 2,100 employed in Boston, only 160 are analysts or portfolio managers.