American investment management firm Pacific Investment Management (Pimco) is set to lay off axe 68 employees, which represents 3% of its workforce, as part of a global restructuring.
Pimco CIO Dan Ivascyn in an internal memo to staff said that the redundancies will be compulsory and will mostly affect the business side of the firm.
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"We pride ourselves on being a lean organization with a special culture, so that only makes this decision even more difficult and personal for us as a firm," the memo stated.
The company, however, also stated that it plans to hire in areas of growth potential.
"We also see growth potential in a range of areas including alternatives, private credit, solutions, client analytics, and regionally in many parts of the world, not to mention the increasing investor demand for many of our non-traditional strategies," Pimco said.
The company further revealed that it has contacted several additional staff in the US to apply for voluntary severance.
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By GlobalDataPimco spokesman Michael Reid said: "Like any responsible business, Pimco constantly adjusts its resources to capitalize on changing markets and investment opportunities for clients. Our current business plans will reduce expenses in some areas while, of course, ensuring investment and hiring in others."
Pimco employed nearly 2,300 people at the end of March.
