Hammered by declining equity markets, Pioneer Investment Management USA said today that it will slash its workforce by 8%.

The layoffs, which are the first in the company’s 73-year history, will result in the loss of 63 positions in three offices throughout the northeast and Midwest.

"The depressed level of the equity markets have put significant pressure on Pioneer’s revenues," said Daniel T. Geraci, the firm’s CEO. Because of that, he said the company needed to "deploy our resources effectively" to meet its goals for the coming year.

The cuts affect workers at Pioneer’s Boston, Medford, Mass. and Omaha, Neb. locations, according to a statement issued by the company. Spokeswoman Tara Pescatore said employees in the firm’s e-commerce unit will be hardest hit, but cuts will also affect workers in shareholder services and marketing. In addition, one investment management position will be cut, she said.

Before the cuts Pioneer employed 777 domestically

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.