Money Management Executive
Janus Cuts Training Positions, Cites Technology Again
April 17, 2001, 1:00 a.m. EDT 1 Min Read
Janus of Denver is cutting 54 shareholder-service training positions from its operations division, according to a spokesperson for the company.
Nine of the 54 employees were placed in other parts of the company, meaning that 45 people were laid off, the spokesperson said.
Janus maintains that increased technology efficiency is the reason for the cutbacks. The company has abandoned the classroom model of training and now uses computer training so employees can be trained at their own pace at their desks, according to the spokesperson, Blair Johnson.
In February, Janus announced it was eliminating 468 jobs from its operations unit and cited technology as the reason for those cutbacks as well. The company did not disclose expected cost savings from the new round of cutbacks.
'Cost savings were not the driving factor here,' he said. 'We are continuously focusing on how we can use technology to make the company more efficient.'
In the last two months, Putnam Investments of Boston, American Skandia of Shelton, Conn., and Charles Schwab Corporation of San Francisco all announced cutbacks due to the declining market and a need to reduce costs.
Janus has no further cutbacks planned, according to Johnson.
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Money Management Executive
