Employees of the recently purchased
The fund firm, recently purchased by
The announcement was made via a memo to employees last week, and was deemed unusual by several industry experts. John Challenger, CEO of the Chicago outplacement firm
"It sounds like Dick Strong is doing it out of integrity or concern for his people," he said. "This is a way of saying, 'I'm not all bad. I did some bad things, I'm sorry that it's come to this, that I have to leave," Challenger said.
Wells Fargo bought Strong for a reported $500 million on the heels of its involvement in the mutual fund scandal, which has seen the companys assets under management plummet from $42 billion to $34 billion in a relatively short period of time.
