Cerberus to Axe 10 Percent of its Workforce
Cerberus is headquartered in New York City and owns several offices around the world, including Chicago, Los Angeles, London, Frankfurt, Hong Kong, Tokyo and many other locations. The company currently employs approximately 275 workers across the globe, which means about 28 professionals may be let go in the near future.
"As a matter of policy, we do not comment on market rumors or speculation. Cerberus, like every responsible business, is constantly evaluating its cost structure to ensure alignment with the available market opportunities,” Cerberus said in a statement according to the aforementioned source. "In today's challenging economic environment, we, like many other private investment firms, are considering a variety of options. Any action we take will, of course, be consistent with the best interests of our investors."
Cerberus Capital Management currently holds an 80 percent stake in American automaker Chrysler plus a 51 percent stake in GMAC, also known as General Motors Acceptance Corporation.
Chrysler this week announced it has joined forces with Italian automaker Fiat to bring several European models in the United States, but the American company did not mention whether the vehicles will be rebadged. Recent rumors claim that Chrysler may be interested in launching the American version of Fiat 500 but none of the two firms commented on the speculation.