Sept. 29, 2020
By Walt Williams
The CFA Institute has eliminated 140 positions worldwide as part of an organizational restructuring, although how many of those lost jobs are based in the U.S. is unknown.
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The Charlottesville, Va.-based newspaper The Daily Progress reported on the layoffs Monday, noting affected workers will continue to receive salaries and benefits through next summer although they will not report to work. The CFA Institute is based in Charlottesville and has roughly 440 employees there. The group also has offices in Washington, D.C., New York City and several locations around the world. It reported more than 1,200 staff on its most recent tax filings.
Employees were notified about the planned reorganization in August and told it would result in layoffs, the newspaper reported. The changes were driven in part by the organization’s shift to providing more services online.
In a statement, the CFA Institute didn’t cite the pandemic as a cause of the layoffs, but said it expanded its notice period from 60 days to 10 months as an acknowledgment of the difficult economic climate that out-of-work staff face. Employees will receive full pay and benefits through Aug. 2, 2021, after which they will then receive severance packages.
“While choices like this are always tough, I am heartened that we are able to provide those affected with full pay and benefits well into 2021,” CFA Institute CEO Marg Franklin said. “We deeply value our employees and appreciate the continued support of our community of members, candidates and societies.”
The institute is expecting to create 50 new support positions within the new organizational structure and those hit by layoffs can apply, The Daily Progress reported. The reorganization will also result in new responsibilities for existing staff as well as changes in job titles and chain-of-command.
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