AIM Announces Layoffs

November 11, 2002 ( - AIM Management Group announced plans to layoff 248 workers, or about 10% of its staff, according to a company press release.

AIM said the reductions, the first in their 26 year history, would come through a combination of voluntary and involuntary separations.   The reason for the reduction was “the most severe and prolonged market downturn in more than 60 years”, according to the release.

The majority of those leaving were through voluntary separation, no details to the program were offered.   

Houston-based AIM had $117 billion under management and 9 million shareholders as of September 30 th and is an indirect subsidiary of AMVESCAP PLC.