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Layoffs Hitting Harder In Private Equity (BX, ACAS)
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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
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