Janus cut its workforce by more than half in 2001. As of Dec. 31, 2001 the firm had 1,450 employees, according to its parent company Stilwell Financials annual report filed yesterday with the Securities and Exchange Commission. Last years annual report stated that Janus had approximately 3,100 employees, 170 of which were temporary.
About two-thirds of the staff cut was through layoffs last year. The remaining third came through attrition. And last month, Janus announced it was cutting another 222 jobs in its Denver retail shareholder servicing department (See MFMN 2/4/02).
In February, the firm said that it was reacting to an overall trend in the industry where investors are increasingly turning to intermediaries for advice about what mutual funds they should buy. As a result, the Denver-based company said activity in its direct channel had declined markedly.