The Naperville-based mutual fund manager on Thursday notified 12% of its staff of the impending layoffs. A spokeswoman said jobs are being cut in all departments except investment. She declined to disclose when the reduction would take place.
“After evaluating the impact of the unprecedented deterioration in the global financial markets, these changes were made to help align the company’s cost structure with the current level of assets under management and revenues,” CEO John Calamos said in a statement.
This is the second time in recent months that Calamos has trimmed jobs. It eliminated 31 employees in its technology department in November.
Calamos’ earnings for the nine months ended Sept. 30 plummeted almost 92% to $1.5 million, compared with the same period in 2007. Total assets under Calamos’ management were down 29% to $33.3 million on Sept. 30, compared with the same quarter-end in 2007.
Calamos stock dropped about 8% on Friday, closing at $6.76 per share.
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