Janus of Denver announced Friday that it has laid off 546 employees in shareholder servicing and operations and that it has closed its call center in Austin, Texas, which employed 400 of those employees.
The rest of the cuts were made in the companys operations unit in Denver, the company said.
The announcement follows the elimination of 468 positions in the firms operations unit in February and 45 training positions last week.
Since the beginning of the year, Janus has slashed its shareholder service and operations staff dramatically, eliminating some 1,059 positions, according to Shelley Peterson, a company spokesperson. Following the latest cuts, the company had just 1,183 employees filling shareholder and operations positions, she said.
The firm has eliminated the positions as a result of $100 million worth investments in technology, which has allowed it to automate the work of the cut positions, according to Tim Hudner, chief technology officer for Janus.
Of that amount, we invested $65 million to evolve Janus retail service platform by making it more efficient for shareholders and more flexible for Janus, he said in a statement. Specifically, we upgraded Janus web site, janus.com, and improved back office operations processing.
A reduction in call volume has also allowed the firm to cut back in shareholder services, according to Peterson. The firms new web site, automated phone lines and remaining staff can handle any volume of calls, she said.