Capital Group to Lay Off 820, or 9% of Staff

Capital Group will cut 9% of its global workforce of 9,000, or 820 jobs, this month. This will be American Funds’ parent company’s second round of layoffs, in response to a 29% decline in assets from $1.2 trillion to $850 billion. The company eliminated 500 jobs in January.

All job areas except for portfolio managers and analysts will be affected, according to a spokesman.