Before its sale to
Strong filed paperwork with Wisconsins state workforce department saying it would cut 107 of its remaining 900 workers by the end of the year. The company had trimmed its workforce from 1,079 to 900 since the May announcement that Wells Fargo would be buying it out. A spokeswoman for Strong said that the cuts would be spread across different areas of the firm.
After its dealings with New Jersey hedge fund Canary Capital came to light, Strongs founder and then-CEO Richard Strong put the firm up for sale. Its assets under management, which were $43.6 billion in August 2003, dropped to $30.6 billion just one year later.
