Home Banking & Finance AllianceBernstein to lay off 35 White Plains employees in planned move south

AllianceBernstein to lay off 35 White Plains employees in planned move south

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AllianceBernstein LP is moving south and will lay off 35 employees from its White Plains offices starting early next year, according to a notice filed with the state Department of Labor.

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The AB logo for AllianceBernstein visible atop 1 N. Lexington Ave. in White Plains. Photo by Ryan Deffenbaugh

The New York City-based investment management and research company will let go 35 of its 244 employees at its White Plains office between January and July 2019, AllianceBernstein wrote in a state Worker Adjustment and Retraining Notification.

The layoffs come as part of a planned move of the company’s corporate headquarters to Nashville, Tennessee.

AllianceBernstein announced its plan to relocate to Nashville in May through a filing with the U.S. Securities and Exchange Commission. The company said it would move about 1,050 jobs from its metro New York City area offices to Nashville, starting in 2018 and continuing for several years.

AllianceBernstein departments heading south include finance, IT, operations, legal, compliance, internal audit and sales and marketing.

The company said at the time it would maintain a principal location in New York City, which will house its portfolio management, research and trading and New York-based private wealth management.

It employs more than 3,400 employees total, as of its 2017 annual report.

AllianceBernstein’s primary offices are in midtown Manhattan, but the company leases about 229,000 square feet at 1 N. Lexington Ave. in downtown White Plains, according to it 2017 annual report. The company only occupies about 70,000 square feet of the space and has sublet, or is marketing for sublet, about 160,000 square feet. Its White Plains lease expires in 2021 with options to extend to 2031, according to its report.

The company did not immediately respond to a request for comment on the layoffs.

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