AllianceBernstein Holding LP is weighing shifting some of its New York staff to other locations including Charlotte, N.C., and San Antonio, The Wall Street Journal reported, citing "people familiar with the matter."
The move is said to be part of a broad cost-cutting effort at the company as AllianceBernstein's majority shareholder, AXA, prepares to list a minority stake of its U.S. operations in 2018. AXA is planning an IPO of the AXA US Life & Savings business and the group's interest in AllianceBernstein LP and AllianceBernstein Holding LP next year.
The personnel shifting plans are unlikely to be completed until late 2018, according to the report. However, AllianceBernstein has not made any final decisions in connection with moving the New York staff, sources said.