Senior management executives at MFS Investment Management took a voluntary salary-cut in March this year to reduce costs, maintain profitability and avoid laying off employees, according to a representative for the company.
The voluntary pay-cut affects executives who are senior VP and above. The company would not disclose how much the cut was or many people are affected, but said that it did not represent a large percentage of the total company.
"Its part of an overall cost containment program," said the representative. "Were still in a relatively strong net sales mode, but asset levels are down. Its a tough environment right now and were budgeting tight to maintain profitability. The big thing is that we havent had to and dont want to lay people off."