PIONEER INVESTMENT MANAGEMENT USA INC. ANNOUNCES WORKFORCE REDUCTION
Boston, Massachusetts - Pioneer Investment Management USA Inc. today
announced a reduction in its workforce affecting sixty-three employees in
its Boston, Medford, Massachusetts and Omaha, Nebraska offices. The cuts are
a result of the recent market correction.
"Despite a significant increase in sales, the depressed level of the equity
markets have put significant pressure on Pioneer's revenues," said Daniel T.
Geraci, Chief Executive Officer of Pioneer US. "While it is never an easy
decision to reduce staff levels, it is critical that we deploy our resources
effectively to meet Pioneer's aggressive growth objectives."
Pioneer Investment Management USA Inc. is a subsidiary of Pioneer Global
Asset Management S.p.A. Pioneer Global and its subsidiaries managed over
EUR105 billion (US$95 billion) as of October 31, 2001, under the name
Pioneer Investments®.
