American Century to Lay Off 17%

American Century this week will inform 17% of its workforce, or 270 employees, that they are being let go due to the aftershocks of the credit crisis, declining assets due to redemptions and falling stock prices, and declining investor confidence and a weakening economy.

The fund company joins the likes of other firms laying people off, most notably Fidelity Investments, which is letting 3% of its workforce, or 1,300 employees, go by the end of the year.

Last month, Janus announced it will dismiss 9% of its employees. AllianceBernstein said it would make similar cuts, but no specific announcement has been made yet.