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Marce Edwards is the business editor. She has been at The News Tribune for seven years and has written about technology and big businesses in the South Sound including Weyerhaeuser and Russell. Before moving to Tacoma, she worked at The Idaho Statesman in Boise. She is a Northwest native who likes to garden and refuses to use an umbrella. She lives in Tacoma with her husband and two kids.
C.R. Roberts is a Tacoma native. Before joining The News Tribune, he worked as a freelance writer and part-time cowhand on a cattle ranch in Northern Idaho. He writes about small business, personal finance and other business issues.
John Gillie writes about the aerospace and airline industries, commercial development and consumer issues. During his 30-year-tenure at The News Tribune he has covered issues as diverse as the Native American fishing rights disputes, crime and the courts, the wood products industry and energy. He lived in Tacoma with his family for 25 years, but now lives in Kent because his wife heads a five-state non-profit foundation headquartered in Ballard, and it only seemed a sensible compromise to make considering their workplaces are 40 miles apart.
Kelly Kearsley has been a business reporter at The News Tribune since 2005. She covers the Port of Tacoma and international trade. Being born and raised in Spokane she’s used to living in cities with inferiority complexes and, in fact, prefers it. Prior to working at The News Tribune, she spent three years as a reporter for The Bulletin in Bend, Oregon and another year working stints for The Associated Press and Seattle Times. She graduated from Pacific Lutheran University. She lives in Tacoma with her husband and miniature schnauzer.
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Russell Investments sent a memo to employees on Wednesday telling them that layoffs are coming in early 2009.
The memo did not give details including how many employees would be affected and what jobs would be eliminated, according to three Russell employees who saw the memo but would not give their names for fear of losing their jobs.
Jennifer Tice, spokewoman for Russell, confirmed the memo but would not provide a copy to The News Tribune. She said the company is looking at its businesses to see where changes could be made and that reducing the number of employees could be part of that.
"The global financial crisis continues to put the financial services industry under unprecedented pressure," she wrote in an e-mail. "Russell, like so many others in our industry, has reduced its revenue projections for 2009 based on current market conditions. As a result, we are recalibrating our cost structure to reflect this."
The company told its employees that Russell is embarking on what they call "a comprehensive productivity review." This will include a full scale cost evaluation, and one outcome is a decrease in the size of the global work force, Tice said.
"We are just at the beginning of this process and it will be a number of months before we have further specifics to communicate. As we move forward, we will do so with an eye toward maximizing the value and service we deliver to our clients worldwide, while continuing to invest in our long-term growth opportunities," Tice said.
She goes on to say: "Russell’s resolve is strong in the face of the global financial crisis and we remain confident in our future prospects. We are firmly committed to our strategy of providing superior investment management by identifying the world’s best investment managers and by bringing them together to achieve long-term investment excellence for our individual and institutional clients."
COMMENTS:
Welcome to the stock market collapse of 2008.
I hope you're paying attention here Mayor Baarsma. Time to reassess local economic conditions.
It's probably no longer a question of whether Russell will be locating its new headquarters here in Tacoma or somewhere else. It is now a question of whether the decrease in Russell's global workforce will force a consolidation that might eliminate Russell's presence in Tacoma.
Time to launch into that local crisis control mode that invariably digs into the pockets of local taxpayers in order to entice the 'too big to lose' into staying.
By the way, it's also time to lower your biennial revenue expectations, Mr. Mayor.
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