Industries

Investment firm to lay off 133 Hampton Roads workers

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Capital Groups Cos. plans to lay off 133 people from its offices in the Hampton Roads region, according to The Virginian-Pilot.

The firm, which sells and manages mutual funds, told the Pilot the cuts were necessary because of falling assets. The Los Angeles company told the newspaper its assets had fallen from $1.2 trillion in 2007 to $850 billion by the end of March. The lay offs will help the company streamline its expenses.

The company employs about 850 workers in Chesapeake, Norfolk and Virginia Beach. Company officials plan to keep its offices open in the region. (The Virginian-Pilot)


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