A weak economy coupled with the Sept. 11 terrorist attacks has forced online portfolio provider, FOLIOfn to lay off 36% of its staff and significantly cut its executives salaries, said Michael Bell, the companys chief administrative officer.
The cuts, which will pare the 140-member staff by 50, are intended to allow the company to turn a profit by the second half of next year, Bell said. The cuts were made across many departments and did not include one specific group, he said.
The lay-offs are not expected to impact the companys day-to-day operations, he said.
The terrorist attacks have effectively put FOLIO fns business on hold as several of the firms existing and potential clients deal with the tragedy, Bell said. "Obviously Sept. 11 had a significant impact on the financial service community," he said.